Third Avenue Business Improvement District - New Data Released, HUB Leads NYC Recovery

 

The “New” New York Panel was launched in May 2022 by Governor Kathy Hochul and Mayor Eric Adams to examine the future of New York City and the region’s economy. Over six months, the panel created a set of 40 proposals intended to make New York City the best place to work and serve as a roadmap for the city’s future. The governor and mayor announced these proposals in December 2022 as the Making New York Work for Everyone Action Plan. New York City’s business districts have been economic engines for the entire region. New York City’s growth in recent decades is emblematic of the nationwide trend of re-urbanization, reflecting the advantages of proximity, agglomeration, and urban living sought by many. Since 1980, the New York City metropolitan area has seen job growth shift from the suburbs back to the city. Business districts, including Flushing, Bronx HUB, Jamaica, Harlem, and DUMBO represent an increasingly important component of New York City’s economic diversity and dynamism. In 2019, 64 percent of business establishments in the city were located outside of the four Core Employment Hubs, with establishment growth outside of employment hub areas outpacing growth in the Core Employment Hubs almost every year for the last decade. The data is strong and the South Bronx HUB at 149th St & Third Ave is leading NYC's economic recovery & growth. Consumer spending is up 59% Foot traffic is up 14% 49 New Businesses in 2022 Opened over 3,000 units of housing "The Bronx's HUB is resilient - very much like the community that gives it vibrancy," said Michael Brady, CEO of Third Avenue Business Improvement District. "When the pandemic hit our organization worked very hard to course correct and set an example for economic recovery for local economies throughout New York State.  The data from the New, New York panel shows the strength of our community and the ability to stabilize and grow in the midst of crisis. Now we need continued resources, infrastructure upgrades, and for government to keep in mind the innovation that got us through a global pandemic - we can not go back on things that work.  We must truly embody that we are the City of equity - a City of Yes for all people." Learn More - Click Here