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The U.S. economy grew at a modest pace in the first quarter despite being hampered by a severe winter, which held down hiring and spending; however, the quarter saw an important development for the economy, as Congress and the Administration agreed on a budget and raised the debt ceiling. With the confrontational atmosphere in Washington diminished, the underlying strength of the economy is expected to emerge, leading to faster economic growth.
New York City remained one of the best performing regions in the nation during the first quarter. Despite the brutal winter weather, New York City payroll employment increased by 16,500 jobs in the first two months of the year to reach a record 4.025 million jobs. Importantly, nearly half of these new jobs (7,500) were in the technology, advertising, media and information (TAMI) industries. This strong growth in these key office occupiers comes on top of a solid fourth quarter, giving the local economy strong momentum.
Source : Cushman & Wakefield
