ON AN UPSWING

Development Spurs Borough’s Growth

The automotive shops of Willets Point will be replaced by a hotel and convention center. Tribune Photo By Ira Cohen

By JEFF FEINMAN

The cheery smile upon New York State Comptroller Alan Hevesi’s face while he was standing at the podium of Riverview Restaurant in Long Island City said it all. With his signature humor and deep, airy voice, the comptroller, a Queens native himself, relayed his economic report of the borough during a conference earlier this month.

Long gone are the borough’s days of farming and agriculture, replaced over the centuries with the hullabaloo of industry and spark-spewing machinery. The borough’s economy has evolved greatly and opportunities are on the rise for the diverse Queens population.

“In addition to the jobs created in Queens, residents have benefited from the overall economic recovery throughout the city,” Hevesi said. “The combination has driven the borough’s unemployment rate to the lowest level in 15 years.”

The Queens economy is thriving, as numerous top dollar projects are slated to take hold in almost every corner of the borough and economic statistics are looking as impressive as ever.

“I thank Comptroller Hevesi for taking the time today to address this Third Annual Queens Economic Breakfast,” Borough President Helen Marshall said at Riverview Restaurant. “The economic news in the report renews our belief that Queens is not only a great place to live, but also to work. The winning combination of job growth, lower crime and increased property values bodes well for our county and its economic future.”

The Shops At Atlas Park will open new stores throughout the summer. Tribune Photo By Ira Cohen

Queens’ Strengths

Approximately 8,500 jobs were added throughout the borough between 2003 and 2005, Hevesi reported. The average salary is $39,835, which is the second highest in the city behind Manhattan. The report also said that manufacturing accounts for 7 percent of the Queens economy, which is higher than any other borough. Two thirds of all businesses in Queens employ between one and four people, making small businesses an important part of the borough’s economic vitality.

“The borough does have a lot of strengths in construction, manufacturing and transportation, and after Manhattan, it’s the second largest economy,” said Queens Economic Development Corporation Executive Director Spencer Ferdinand. “Jobs are up, the economy is up; pretty much everything has been going on a positive trend.”

Ferdinand, however, was quick to point out that rising economic numbers are not necessarily a good thing. “Growth is good, but one really needs to take a look at it and see where it’s coming from.” He then explained how the manufacturing industry in Queens has grown into much more high tech areas and the use of machines has increased, resulting in the decline of traditional warehouse manufacturing jobs.

Construction has already started for a new stadium for the New York Mets. Tribune Photo By Ira Cohen

The Place To Live

Housing in Queens has also been flourishing, as property values have grown by 161 percent since 2000, higher than the city as a whole, Hevesi said. During the 1990s, more than 35 percent of all immigrants that moved to New York City settled in Queens. This massive migration contributed to a 14 percent hike in the borough’s population.

“Queens is an attractive place to live. We even have rich folks. Maybe not as many as Manhattan, but they’re around,” Hevesi joked.

One negative result in high property values is that housing has become more expensive for homebuyers and renters. The median rent in Queens in 2005 was $903 per month, the second highest of the five boroughs behind Manhattan, which has an average rent of $1,000. Between 2002 and 2005, the amount of a person’s income that is shoveled over to rent rose in Queens from 24.2 percent to 28.5 percent.

The report also noted that the borough’s streets have become safer, as Queens had the largest drop in the city in overall crime incidents between 1995 and 2005 at 62.6 percent.

On The Rise

Hevesi was glad to point out that the many projects planned for Queens over the next few years have the necessary means to become reality. Big projects on the horizon include Silvercup West, the new Mets stadium, a JetBlue Terminal at JFK Airport, development of the East River shore at Queens West and the expansion of Arverne by the Sea in the Rockaways. Other projects popping up include the Cord Meyer building in Forest Hills and the new mall in Glendale, The Shops At Atlas Park.

In addition to the projects that Hevesi mentioned, Ferdinand said he was glad that there has also been progress at Municipal Lot 1 in Flushing and the expansion of Queens Center Mall. The municipal lot in Flushing will be the site of a $500 million project by the TDC/Rockefeller Group, and it will be near a $600 million Flushing River project by Muss Development. “Things are moving along very well,” Ferdinand said. “Everywhere you turn in Queens, there’s construction going on.”

Eye On The Future

When asked what attempts are being made to maintain these high economic figures stated in the report, Ferdinand said that the QEDC would focus on encouraging up and coming industries. He said that Hevesi’s statistic showing Queens residents as having the longest commute in the country at approximately 45 minutes is something that needs to be improved, as officials are trying to keep as many jobs as possible within the borough.

“We want to try to make improvements on the policy level,” he said. “We’re going to work to increase the visibility of some programs that provide aid to the kind of industries that we’re trying to help. The city has come out with very strong incentives for the film industry, and we’ll continue to support that. We’re looking to help the Korean construction and manufacturing industry; it’s on the policy level that we’re trying to support the people and support the industry.”

“All jobs are important,” he added. “We just want to make sure we maintain the ones that are the most beneficial.”