Comptroller Stringer: New York City Growth Moderates in the First Quarter of 2018

Economic growth slowed to 2.7% in the City in 1st quarter of 2018

Job growth uneven as private sector gained 13,000 jobs in medium- and low-wage industries, while high-wage jobs drop by 2,200

Unemployment rate at historic low

  The pace of New York City’s economic growth slowed during the first three months of 2018, according to the Quarterly Economic Update released by New York City Comptroller Scott M. Stringer. The analysis found that Gross City Product grew by 2.7% from January through March, less than the 3.4% growth in the previous quarter (Q4 2017), but still outpacing the national economy, which expanded by 2.3%.

The report highlighted several economic indicators showing a mixed economic performance, including a record low unemployment rate, declining commercial leasing activity, and sluggish private sector job growth favoring low- and medium-wage industries.

“While our economy has been strong, weakening economic growth is a reminder that it won’t continue forever,” said Comptroller Stringer. “Over the last few years our economy has gone from a sprint to a jog, and now, with signs of a cooling job market and slowing economic growth, we’ve come to a walk. And while unemployment is at an all-time low, the concentration of job growth in low-wage industries is concerning for those New Yorkers who are trying to get ahead in our economy. We need discipline today, to prepare for the possibility of tougher times ahead. We will continue to monitor the economy’s condition closely, but this quarter’s results highlight the need for prudence in the management of our finances.”

Overall, in the first three months of 2018, private-sector employers added 13,000 jobs. However the distribution of these jobs, entirely in low- and medium-income industries, is cause for concern, especially as high-wage industries, such as information services and financial activities lost 2,200 jobs in the first quarter.

Released every three months, the Comptroller’s Quarterly Economic Update tracks New York City’s economic health and analyzes the City’s economy in a national context. The report includes information on economic growth, unemployment, average wages, business activity, real estate transactions, and other economic indicators.

Findings in the First Quarter Update include:

City Economic Growth Slowed

• New York City’s economy started 2018 at a moderate pace, growing 2.7% in the first quarter, from 3.4% growth in previous quarter, Q4 2017.
• The City continued to outpace the national economy, which grew 2.3% in Q1 2018, less than the 2.9% growth in Q4 2017, as measured by the change in real GDP.

Private-Sector Hiring Cooled

• The analysis found that New York City added 13,300 jobs in Q1 2018, an annualized increase of 1.2% and the lowest rate of growth since Q4 2016.
• Of the 13,000 private-sector jobs created in the first quarter of this year, 10,900 were in low-wage industries and 4,200 were in medium-wage industries.
• Job gains were partially offset by a 2,200 job loss in high-wage industries including information and financial services.
• While job growth cooled, wages rose slightly, as Average Hourly Earnings (AHE) of all private sector employees in New York City rose 2.3% on a year-over-year basis to $35.84 in the first quarter of 2018.

Unemployment Rate Fell To Record Low as Labor Force Participation Rate Stayed Unchanged

• Despite the apparent weakness in employment growth, NYC’s unemployment rate, adjusted for seasonality, fell to 4.3 percent in Q1 2018, the lowest rate on record.
• The number of unemployed people in New York City declined by 6,700, from 187,100 in Q4 2017, to 180,400 in Q1 2018.
• The unemployment rate in the first quarter of 2018 fell in all five boroughs to the lowest first-quarter levels on record: 6.1% in the Bronx, 4.4% in Brooklyn, 4.3% in Staten Island, 3.9% in Manhattan, and 3.8% in Queens.

Personal Income Tax Revenues Register a One Time Boost from Tax Reform

• NYC Personal Income Tax (PIT) revenues rose 33.0 percent, or $1.1 billion, on a year-over-year basis to over $4.4 billion in Q1 2018, possibly the highest level on record.
• The main factor was an increase in both estimated tax payments and withholding, the two main components of PIT revenues. Estimated tax payments, which reflect trends in taxpayers’ non-wage income, including interest earned, rental income, and capital gains, more than doubled to about $1.4 billion in Q1 2018.
• The injection of one-time tax revenues is largely due to changes to the U.S. tax code at the end of 2017. Lower tax rates on pass-through business income incentivized the self-employed and others with business income to shift profits from last year to 2018. In part as a result of the changes to the tax code, Wall Street bonuses grew 17% from the previous year.
• The surge in tax collections is not expected to last, but rather to return to more normal levels going forward.

Venture Capital Investment Keeps Growing

• Total investment in the New York metro area rose 61.1% on a year-over-year basis from $1.6 billion in the first quarter of 2017, to $2.6 billion in the first quarter of 2018.

New Commercial Leasing Falls, As Does the Vacancy Rate

• New commercial leasing activity in Manhattan declined to 7.1 million square feet in the first quarter, 7.0% lower than in same quarter last year.
• Nonetheless, the Manhattan commercial vacancy rate fell to its lowest first quarter rate in ten years – 8.8% — due to a drop in total available space. Total available space in Manhattan fell by over 3.0 million square feet in Q1 2018 from a year ago.

Residential Sales Fall in Manhattan, Brooklyn, and Queens

• In the first quarter of 2018, Manhattan residential housing prices continued to soften as both average sales prices and average price per square foot fell for the third consecutive quarter.
• The number of home sales also fell in Brooklyn and Queens. However, while Brooklyn housing prices declined by 1.2% to $982,093, the average sales price in Queens rose 11.9% to $624,554.

MTA Transit Ridership Declined

• Average weekday ridership on MTA NYC Transit fell 4.3% in January and February of 2018 from a year ago, as average weekday bus ridership fell 7.0% and average weekday subway ridership fell 3.3%.
• During the same period, Long Island Rail Road ridership fell 2.8% and Metro North ridership fell 1.3%.

Leading Economic Indicators are Mixed, but Positive

• The current business condition index provided by ISM-New York, Inc. rose to 60.3% in the first quarter, above the 55.3% in the prior quarter. Readings greater than 50% indicate growth.
• Initial unemployment claims decreased 12.7%, on a year-over-year basis, the biggest decline since Q4 2014.
• However, total building permits in the City fell 18.5% to 5,170 in the first quarter from the same time a year ago.

BRONX MAN SENTENCED TO 15 YEARS TO LIFE IN PRISON FOR PREDATORY SEXUAL ASSAULT AGAINST A CHILD

Defendant, A NYC Department of Correction Officer, Raped A Female Relative

  Bronx District Attorney Darcel D. Clark today announced that a Bronx man has been sentenced to 15 years to life in prison for sexually assaulting a female relative for a period over three years, beginning when she was 10 years old. 

 District Attorney Clark said, “This defendant was convicted by a jury of despicable, horrific crimes against a young girl. Now 15 years old, she bravely testified in court about years of abuse starting when she was 10 years old. I hope this sentence will help in this survivor’s healing.” 

 District Attorney Clark said the defendant, Jose Urena, 48, a NYC Department of Correction officer, was sentenced today to 15 years to life in prison by Bronx Supreme Court Justice Alvin M. Yearwood for Predatory Sexual Assault Against a Child; 15 years in prison and 20 years post-release supervision for each charge of first-degree Rape and first-degree Incest, and one year in jail for each of two counts of second-degree Sexual Abuse and one count of Endangering the Welfare of a Child. The sentences are to run concurrently. The defendant was convicted on April 16, 2018. 

 According to the investigation, between June 1, 2013 and August 31, 2014, the defendant engaged in sexual conduct, including sexual intercourse, with the girl. On November 8, 2016 and between January 1, 2016 and February 29, 2016, the defendant did subject her to sexual contact by touching her intimate parts.

 District Attorney Clark thanked BethAnn Holzhay, Director of the Crime Victims Assistance Unit, for providing counseling and support to the victim during the case.

BRONX MAN SENTENCED TO 2 1/3 TO 7 YEARS IN PRISON FOR PROMOTING PROSTITUTION OF A TEEN AND A YOUNG WOMAN

Defendant Will Register As Sex Offender 

  Bronx District Attorney Darcel D. Clark today announced that a Bronx man has been sentenced to prison after pleading guilty to promoting prostitution of two females, including one minor. 

 District Attorney Clark said, “This defendant is behind bars after a 17-month investigation that uncovered voluminous evidence showing the defendant preying on vulnerable females. The defendant’s plea assured that the victims would not have to testify but would gain justice, and hopefully allows them to reclaim their lives. We will continue to go after anyone who thinks they can use individuals as sex slaves.” 

 District Attorney Clark said the defendant, Vinod Patel, 52, of Paulding Avenue, was sentenced today to two-and-a-third to seven years in prison by Bronx Supreme Court Justice Alvin M. Yearwood. The defendant pleaded guilty to third-degree Promoting Prostitution on March 29, 2018. He must also register as a Sex Offender. 

 According to the investigation, which began in October 2016, the defendant promoted prostitution from his home for over a year. He pleaded guilty to promoting a 20-year-old woman and a 16-year-old girl and advertising them on Backpage.com.

 District Attorney Clark thanked Detective Gloria Chavez of the NYPD Vice Human Trafficking Team for her hard work on the case.

SAVE THE DATE: Bronx Democratic Party's Annual Gala Dinner Wednesday July 18th

Broadway Democrats, Village Independent Democrats & Three Parks Independent Democrats All Endorse Cynthia Nixon for Governor

  Hard on the heels of several major progressive endorsements, Democratic candidate for governor Cynthia Nixon was endorsed by the Broadway Democrats, Village Independent Democratic Club and Three Parks Independent Democrats. The groups are some of the New York City’s most active, grassroots political organizations dedicated to a stronger, more accountable State Democratic Party.

“I am honored to receive the support of the Broadway Democrats, Village Independent Democratic Club, and Three Parks Independent Democrats,” said Cynthia Nixon. “These organizations understand that in order to implement progressive policies we need progressive leaders at all levels of government. As I continue my campaign, I know that the hardworking organizers and activists in these groups will be vital in energizing voters on Primary Day.”

Cynthia won the Broadway Democrats endorsement Thursday evening after addressing its members. Though Lieutenant Governor Kathy Hochul was also in attendance on behalf of Governor Andrew Cuomo, over 60 percent of the club voted in favor of endorsing Cynthia. She also received the Village Independent Democrats and Three Parks Independent Democrats endorsement, with members voting overwhelmingly in favor of Cynthia.

The Broadway Democrats, Village Independent Democrats, and Three Parks Independent Democrats endorsements mark the fifth, sixth and seventh endorsements in just two weeks. Since the beginning of May, the New Kings Democrats (NKD), Council Member Carlos Menchaca, Democracy for America, and Daily Kos have also thrown their support behind Cynthia’s bid for governor. This adds to an even longer list of endorsements over the last few weeks, including the Working Families Party, Make the Road Action, Citizens Action, and the New York Progressive Action Network, with more announcements expected in the coming weeks.

News From Congressman Eliot Engel,

Trump “Failed to Offer Better Deal” on Prescription Drug Pricing

  Congressman Eliot Engel, a top member on the House Energy and Commerce Committee, issued the following statement on today’s speech by President Trump on prescription drug pricing:

“Today, President Trump had an opportunity to champion meaningful, comprehensive action for American consumers struggling with the rising costs of prescription drugs – and he failed.

“This is nothing new for the GOP. Earlier this week, House Republicans said no to even considering an ambitious Democratic plan to address the high cost of drugs. Last month, in the Energy and Commerce Committee, they voted to block an amendment that would require the Department of Health and Human Services to simply examine the rising price of the overdose reversal drug naloxone.

“And back in October, when I and other Energy and Commerce Democrats voted in favor of allowing Medicare to negotiate lower drug prices—something the President once claimed to support—the GOP voted it down. That proposal was, unsurprisingly, absent from President Trump’s speech today – another in a long list of broken promises.

“Rising prescription drug prices are a key concern of millions of American seniors and working families. Prices of many medications that have been on the market for decades are surging. Medication for Americans with chronic conditions more than doubled in price over the past decade to nearly $13,000 – taking up four-fifths of the average Social Security retirement benefit.

“These rising costs have real implications for working families: the Kaiser Family Foundation found that about a quarter of Americans didn’t fill a prescription in the previous year because of the prohibitive cost.

“This cannot stand. Americans demand a better deal – and today, President Trump failed to offer one.”

Engel Announces $20,000 in NEA Funding for Wave Hill

   Congressman Eliot Engel, a member of the Congressional Arts Caucus, today announced the National Endowment for the Arts (NEA) has awarded a $20,000 grant for Wave Hill, Incorporated in the Bronx. The grant money will be used to provide workspaces, professional opportunities, and resources to encourage and support the development of local artists. 

“I am pleased the NEA has recognized the artistic and creative contributions made by Wave Hill, one of the great havens for artistic expression in New York’s 16^th District,” Engel said. “As a long-time advocate of federal funding for the arts, I am always pleased to see vital federal dollars come into our community, especially when they will help expand creative and learning opportunities for local artists. I know Wave Hill will do a wonderful job ensuring this NEA grant will provide great benefits.”

““The NEA’s support is crucial to Wave Hill’s commitment to offering artists access to our incomparable site and our horticultural and curatorial expertise, as well as giving them an opportunity to engage with the public,” said Wave Hill Senior Director of Arts, Education and Programs, Jennifer McGregor.

Wave Hill Events May 24‒May 31 Memorial Day

Sat, May 26    Family Art Project: At Home in the Sky

With watercolor brush in hand, find a place to perch and view the vistas unique to Wave Hill. What do you see flying off into the wild blue yonder? Experiment with the scale of birds near and far, and with brushy, atmospheric strokes in our outdoor sky-painting project. Rain or shine! Free, and admission to the grounds is free until noon. 

WAVE HILL HOUSE, 10AM‒1PM

Sat, May 26    Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free, and admission to the grounds is free until noon.

MEET AT PERKINS VISITOR CENTER, 11AM‒NOON

Sat, May 26    Gallery Tour

Learn about Glyndor Gallery exhibitions on a tour led by Wave Hill’s Curatorial Fellow. Avifauna: Interplay of Birds + Habitatfeatures artworks that delve into the relationship between birds and their habitats—from the role birds play in propagating plants to changes in how natural and built environments affect migration patterns. Artists working in photography, video, artist books, wall painting, installation, drawing and sound include Tatiana Arocha, Tanya Chaly, Marna Chester, Nina Katchadourian, Paula McCartney, Jeff Mertz, Peter Morgan, Sarah Nicholls, James Proseck, Jenna Spevek and Fred Tomaselli. In the Sunroom Project Space, Austin Ballard: Rumors is on view. Fabricating furniture using cane webbing and epoxy clay, Austin Ballard constructs an immersive domestic setting. Intended as functional sculpture, the forms are reminiscent of Victorian furniture and recall Wave Hill’s history as a private home. Free with admission to the grounds.

GLYNDOR  GALLERY, 2PM

Sun, May 27    NO YOGA IN THE GARDEN

Sessions of Yoga in the Garden resume on June 3.

Sun, May 27    Family Art Project: At Home in the Sky

With watercolor brush in hand, find a place to perch and view the vistas unique to Wave Hill. What do you see flying off into the wild blue yonder? Experiment with the scale of birds near and far, and with brushy, atmospheric strokes in our outdoor sky-painting project. Rain or shine! Free admission to the grounds. 

WAVE HILL HOUSE, 10AM‒1PM

Sun, May 27    Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free with admission to the grounds.

MEET AT PERKINS VISITOR CENTER, 2PM

Mon, May 28    Memorial Day Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights on this holiday Monday. Free with admission to the grounds.

MEET AT PERKINS VISITOR CENTER, 2PM

Tue, May 29    Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free, and admission to the grounds is free until noon.

MEET AT PERKINS VISITOR CENTER, 11AM

Tue, May 29    Gallery Tour

Learn about Glyndor Gallery exhibitions on a tour led by Wave Hill’s Curatorial Fellow. Avifauna: Interplay of Birds + Habitatfeatures artworks that delve into the relationship between birds and their habitats—from the role birds play in propagating plants to changes in how natural and built environments affect migration patterns. Artists working in photography, video, artist books, wall painting, installation, drawing and sound include Tatiana Arocha, Tanya Chaly, Marna Chester, Nina Katchadourian, Paula McCartney, Jeff Mertz, Peter Morgan, Sarah Nicholls, James Proseck, Jenna Spevek and Fred Tomaselli.In the Sunroom Project Space, Austin Ballard: Rumors is on view. Fabricating furniture using cane webbing and epoxy clay, Austin Ballard constructs an immersive domestic setting. Intended as functional sculpture, the forms are reminiscent of Victorian furniture and recall Wave Hill’s history as a private home. Free with admission to the grounds.

GLYNDOR GALLERY, 2PM

Thu, May 30    Members Trip: Storm King Art Center    

Experience art and nature in harmony at Storm King Art Center, one of the world’s leading sculpture parks. Explore its 500 acres of rolling hills, verdant fields and woodlands, and a collection of more than 100, large-scale sculptures by Alexander Calder, Maya Lin, Louise Nevelson, Isamu Noguchi and more. Our day trip includes transportation, a docent-led walk and time to explore. Lunch on your own at the Storm King Café, then visit a local sculptor’s studio. $75. Registration required, online at wavehill.org or onsite at the Perkins Visitor Center.

MEET AT WAVE HILL FRONT GATE, 9:30AM–5PM

A 28-acre public garden and cultural center overlooking the Hudson River  and Palisades, Wave Hill’s mission is to celebrate the artistry and legacy of its gardens and landscape, to preserve its magnificent views, and to explore human connections to the natural world through programs in horticulture, education and the arts.

HOURS  Open all year, Tuesday through Sunday and many major holidays: 9AM–5:30PM,  March 15–October 31. Closes 4:30PM, starting November 1.

ADMISSION  $8 adults, $4 students and seniors 65+, $2 children 6–18. Free Saturday and Tuesday mornings until noon. Free to Wave Hill Members and children under 6.

PROGRAM FEES  Programs are free with admission to the grounds unless otherwise noted.

Visitors to Wave Hill can take advantage of Metro-North’s one-day getaway offer. Purchase a discount round-trip rail far and discount admission to the gardens. More at http://mta.info/mnr/html/getaways/outbound_wavehill.htm

DIRECTIONS – Getting here is easy! Located only 30 minutes from midtown Manhattan, Wave Hill’s free shuttle van transports you to and from our front gate and Metro-North’s Riverdale station, as well as the W. 242nd Street stop on the #1 subway line. Limited onsite parking is available for $8 per vehicle. Free offsite parking is available nearby with continuous, complimentary shuttle service to and from the offsite lot and our front gate. Complete directions and shuttle bus schedule at www.wavehill.org/visit/.

Information at 718.549.3200. On the web at www.wavehill.org.

VISION ZERO: WITH WARM WEEKEND WEATHER IN THE FORECAST, MAYOR DE BLASIO ANNOUNCES NEW MOTORCYCLE-FOCUSED SAFETY EFFORTS

NYPD’s “Warm Weather Weekends” education and enforcement will again be in effect this weekend; Data show strong correlation between rising temperatures and a springtime surge in traffic crashes –serious motorcyclist injuries/fatalities on warm weekends increase by 88 percent

  Mayor Bill de Blasio announced that with warm weather in the weekend forecast, the NYPD and the DOT would continue their new Vision Zero safety campaign, “Warm Weather Weekends.”  The new effort is aimed especially at motorcyclists, whom crash data indicate are a far higher crash risk on warmer spring weekends.

“This weekend and all weekends this spring, we need to keep our Vision Zero focus on safety, particularly among motorcyclists,” said Mayor de Blasio. “On warm weekends, we have seen dangerous driving increase.  So we are telling both drivers and motorcyclists: when and if the sun comes out this weekend, there will still be absolutely no excuse for dangerous driving.  The NYPD will be out in force to ensure you do not travel at speeds that endanger you and your fellow New Yorkers.”

City officials specifically offered data on the increased dangers of motorcycle riding on warmer spring weekends, and DOT also offered helpful tips to both motorcyclists and drivers.

Motorcycle Dangers: Motorcyclists are over–represented among traffic fatalities in New York City.  Motorcycles comprise only 2 percent of registered vehicles in New York City, yet from 2010-14, motorcyclists accounted for 14 percent of traffic fatalities in New York City.  In that same period, fatalities among motorcyclists also skewed far younger (56 percent of deaths were under 35 years old) and more male (98 percent of fatalities) than any other mode of travel.

Warm Weather Weekends: The danger in the spring is most pronounced for motor vehicle occupants and motorcyclists on warm weather Saturdays and Sundays.  On spring weekends when high temperatures exceed 60 degrees, the rate for drivers and car occupants killed or seriously injured (KSI) is 41 percent higher than the winter weekend rate.  For motorcyclists, the KSI danger on weekends rises by 88 percent.

Ron Whittaker, Director of Vision Zero Operations in DOT’s Education and Outreach division and a Harley-Davidson rider, offered riders and drivers the following safety tips for motorcycling season.

FOR MOTORCYCLISTS

·         Ensure Proper Licensure and Registration – Motorcyclists must carry a Class M or Class MJ New York State driver’s license.  The most common license, the Class D passenger vehicle license, is not sufficient to legally operate a motorcycle.  Riders also need to verify that their bike is properly registered and insured.  Improper documentation can lead to seizure of the motorcycle by the NYPD.

·         Stay off the White Line – Passing between vehicles is risky, especially this time of year when cars are not used to seeing motorcyclists out on the highways.  Stay in middle of travel lane, and be predictable when passing.

·         Pass on the Driver’s Side – You are much more visible in the driver’s side mirror than the passenger’s side. Make sure you are seen.

·         Get Practice Before Riding the Open Road –  As motorcycling season begins, you should not expect to be at 100%, and should take your time getting on the open road. Take your motorcycle to a parking lot or out-of-the-way street to gradually get your bike under you again. If possible, take a refresher class. 

·         Watch the Tires for Turns – The car in front or you may turn unexpectedly. Look to their front tires for sudden turns and keep a safe distance. Expect the unexpected.

FOR DRIVERS

·         Be Mindful of Motorcyclists -- Especially on warm weather weekends when the number of bikers on the road increase, car drivers should always check their mirrors, look twice for motorcycles and deliberately use direction signals, giving ample time before making turns.

“It is imperative that motorcyclists understand that the exposed nature of a motorcycle leaves him or her particularly vulnerable to serious injury or death,” said Chief Thomas M. Chan, the NYPD’s Chief of Transportation. “The chances of sustaining such injuries are substantially increased when coupled with dangerous or inattentive driving behavior, either by the motorcyclist or another vehicle operator. The Police Department reminds motorcyclists to operate in a safe manner, be alert to all vehicles operating around them, and to be equipped with all the required safety equipment. Additionally, car and truck operators are reminded to be watchful for motorcyclists in their blind spots. Please also keep in mind that speeding is another leading cause of motorcycle collisions, therefore the NYPD will continue its speeding enforcement. Our enforcement efforts will include seizing the motorcycle if necessary.”

“We are grateful that we may see some warm weather for Mother’s Day weekend, but we want to once again remind drivers and motorcyclists of the need to stay vigilant about safety,” said DOT Commissioner Polly Trottenberg.  “Our message to New Yorkers remains simple: go out and play this weekend and all spring.  However, if you are out riding a motorcycle, please follow our safety educator Ron Whittaker’s sage tips for safe riding.  You will not only make your mother happy, you could even save a life -- including your own.”

"It’s getting warmer and motorcycles are out!” said Michael "Rock" Whetstone, President of American Bikers Aimed Toward Education (ABATE) of NY 5 Boroughs Chapter.    “Motorcyclists are nearly 5 times more likely to be injured and 29 times more likely to be killed in a crash than car or truck occupants are.  So Look Twice for Motorcycles…and save a life!"

Last year was the fourth consecutive year of declining traffic deaths under Vision Zero, with the fewest-ever overall traffic fatalities citywide, driven by a 28 percent one-year decline in pedestrian fatalities.  As part of the initiative, DOT implemented its most aggressive street redesign safety program, with increased investment in street redesign and traffic-calming measures citywide.  Unfortunately, even with historic fatality declines, 2017 was marked by increases in both motorcyclist and motor vehicle fatalities – trends that Warm Weather Weekends is designed to address.

For more information about the de Blasio Administration’s Vision Zero initiative, please seewww.nyc.gov/visionzero.