By: Hellen Zaboulani
Brooklyn’s economy has rebounded from the COVID-19 pandemic the fastest of the five boroughs of New York City, the NY Post reported.
On Monday, the office of state Comptroller Tom DiNapoli released a 20-page analysis, which revealed that although Brooklyn had the highest total number of COVID-19 cases and deaths reported as of March, the borough has regained over 100,000 jobs from the beginning of NYC’s reopening to late 2021. That rate shows a better bounce back compared to the city as a whole. “The pandemic halted Brooklyn’s booming economy in 2020 and exacerbated some existing inequities,” DiNapoli said. “As the economy has gradually improved, however, Brooklyn is showing a return to its pre-pandemic job growth.” He added, “To help the borough bounce back stronger than ever, we must address long-standing issues, like housing affordability, child poverty and food insecurity”.
As per the Post, the new report shows that between 2010 and 2019, prior to the pandemic, Brooklyn experienced 48 percent job growth, adding a total of 216,460 private-sector jobs. This easily outdid the citywide growth of roughly 29 percent. Brooklyn’s employment growth was driven primarily by the “staggering” 109 percent growth in the hospitality sector, the analysis said. The borough’s private sector grew close to 32 percent, during those pre-pandemic year, also “mainly” because of “microbusinesses,” which are workplaces with less than 10 employees. Almost 85 percent of Brooklyn businesses in 2019 were employed by less than 10 people, the report added. The median household income for the borough also jumped from $42,150 in 2010 to $66,900 in 2019, per the report. By the third quarter of 2021, Brooklyn already added a half percent to the total number of private sector jobs, compared to the start of the pandemic. At that time the city as a whole was still down 812,500 private-sector jobs.
As of the third quarter of 2021, New York City still has 10 percent fewer jobs overall than it did before the pandemic began. But, in Kings County the recovery has been much faster, with jobs down just 6 percent in the third quarter. “If anyone knows one thing about Brooklyn it’s how resilient it is thanks to the incredibly determined and adaptable people who call the borough home,” said Brooklyn Borough President Antonio Reynoso, who took over the post for Mayor Eric Adams in January. “Therefore, it comes as no surprise that Brooklyn is outpacing other boroughs in New York in its recovery from the COVID-19 pandemic.”