26 Mar '11, 9am

NYC tops US in private jobs, commercial property

NEW YORK - NEW York City leads the nation in at least two areas: private-sector job growth and the commercial property market's revival, State Comptroller Thomas DiNapoli said in a report released on Friday. Private employers have hired about 73,400 workers since November 2009, replacing about half of the jobs they cut in the recession, according to Mr DiNapoli's report. Still, the state's Democratic comptroller cautioned that the public sector is cutting jobs and the city's overall real estate market is clouded by a recent drop in home values. 'New York City already has the strongest commercial real estate market in the nation,' he said, 'and future prospects are encouraging, given job gains and increased business activity; however, residential home values remain at risk.' Like many cities around the nation, New York City gets most of its tax revenue from property taxes, ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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