Money men lead way in business turnaround.The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of economy is not likely to surprise real estate analysts this year. In line with last year's predictions of modest employment growth and slow recovery, jobs in the professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. sector have picked up recently, though not enough to give cause for widespread optimism. "I am not saying the New York area is in great shape, but it is turning around," said Joel Naroff, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the with Commerce Bank. "Job growth is finally starting to pick up. It was down for a very long time, but for the past six to nine months we've begun to see more of it throughout the metropolitan area. Manufacturing activity for the whole state has picked up speed recently, commercial rates are beginning to stabilize, the housing market is solid." According to Jim According to Jim is an American situation comedy television series originally broadcast by ABC. The show premiered with little publicity in October 2001, following the surprise hit comedy My Wife and Kids. Delmonte, director of research at Cushman & Wakefield, the good news is that a lot of the recent growth has been in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and legal services legal services n. the work performed by a lawyer for a client. sectors. "These are the sectors that provide the majority of the growth on the office using side," he said. "We expect demand to still be strong next year--leasing is up and we expect a 1.6% rise in employment in 2005." At the same time, both Naroff and Delmonte are cautious about giving overly optimistic outlooks for the future. "I expect that the recovery will continue, but growth will be moderate," Naroff said. "If we have some decent growth for the nation, then the metropolitan area will continue to accelerate. But I think that acceleration will be slow." "A lot of the forecast have been scaled back a bit lately because the month of August has been a little slower than anticipated," said Delmonte. "The upcoming election, consumer confidence, oil prices--all of that has an influence [on economic activity]." John Powers The name John Powers can refer to:
The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. with CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. , is of the same opinion. "There is positive job growth nationally this year--these are not the numbers that people want, but nevertheless they are good numbers," he said. "What we see is that a lot of big firms are back in the market, taking space, hiring again. The midtown market turned the corner last year at this time and now we have very good leasing activity [in other areas]." Powers concedes though that while firms like Morgan Stanley, Bear Steams and Lehman Brothers seem set to hire new people, a recent consolidation of JP Morgan Chase and Bank One would take some jobs off the market. He is also quiet concerned about the high price of oil, a bad sign for the future. "The consumer is what got us through this last down cycle and I am very concerned about the impact the oil prices will have on the consumer," Powers said. "We are hitting heating season and oil prices are higher than they've been for many years. It will take some time, but if the prices stay at the $52 a barrel level, they will significantly reduce the growth of the national economy and that, with a lag, will hurt New York. This many not play out in one year, but I am very concerned." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion