New data show the New York metropolitan area is the largest contributor to America's gross domestic product, but its position at the top of the national ranking may be due more to the inclusion of neighboring economic powerhouses such as Greenwich and Stamford, Conn., than its own economic strength.
New York City actually is responsible for less than half of all economic activity in its own metropolitan area, the data show. According to the city comptroller's office, its economic activity constitutes 43% of the region's total economy.
Put together by Comptroller William Thompson Jr., who used calculations from his office and from the U.S. Bureau of Economic Analysis, the figures are troubling to business leaders, who say this is further evidence that New York City's economy is being drained by the lower taxes and financial incentives in neighboring New Jersey and Connecticut.
Friday, July 25, 2008
New York City Losing Economic Edge
The New York Sun reports:
