Bronx Economy Grows, Unemployment Falls
The Bronx economy continues to grow and improve, according to recently released numbers from the New York State Department of Labor.
The unemployment rate in The Bronx fell to 7.3 percent in August 2015, down from 7.7 percent in July 2015 and 9.5 percent in August 2014. In January 2010, the borough’s unemployment rate hit an all-time high of 14.1 percent.
Those same statistics show that the borough’s labor force participation rate grew by 7,000 since August 2014, with about 19,600 more Bronxites employed and roughly 12,600 residents of Bronx County coming off the unemployment rolls.
“We are creating new jobs in The Bronx, and we are making sure that Bronxites are getting those jobs,” said Bronx Borough President Ruben Diaz Jr. “Together, in partnership with our elected officials, business community, non-profit sector and others, we have cut unemployment nearly in half since 2010, and we are continuing to attract new companies of all kinds to The Bronx. We have more work to do, but our efforts to improve the borough’s economy are certainly bearing fruit.”
Earlier this month, Borough President Diaz co-hosted a job fair with the New York State Department of Labor and the Bronx Overall Economic Development Corporation. The event featured representatives of 23 companies offering 1,000 jobs, and was attended by hundreds of individuals.
Also in September, Borough President Diaz cut the ribbon at the new home of tech firm Doran Jones in Port Morris. The company’s new Urban Development Center will bring hundreds of high-tech jobs and millions in economic development to the South Bronx.
“We are building a diverse economy in The Bronx, and we are creating new jobs in a variety of fields. From our nascent tech sector, to our new retail hubs, to our burgeoning industrial and manufacturing concerns to the bedrock of our healthcare industry, we are creating jobs for all Bronxites,” said Borough President Diaz.
The Department of Labor’s complete release can be found at http://on.ny.gov/1Fwtb65.
Since Borough President Diaz took office in 2009, The Bronx has seen more than $7 billion in total development, which has led to the creation of over 15,000 new jobs. In addition, a new partnership announced by Governor Andrew Cuomo announced in August between the New York State Department of Labor and the Bronx Overall Economic Development Corporation, as part of the “NY Works,” program is placing Bronx residents in these jobs, helping to ensure that new development here benefits everyone, especially Bronxites.