Mayor Spano: Economic Statistics Point to Growing Yonkers Economy
FOR IMMEDIATE RELEASE
MAYOR SPANO: ECONOMIC STATISTICS POINT TO GROWING YONKERS ECONOMY
Yonkers Unemployment Rates Stands at 6.1%, down from 7.3% in October 2013;
Home Sales & Home Sale Prices Also On the Rise
YONKERS, NY – December 4, 2014 – Unemployment is at a six year year-to-year low, home sales and sales prices are on the rise in Yonkers, and sales tax revenues are increasing as area residents support the local economy, Yonkers Mayor Mike Spano announced today.
According to preliminary data released last month by the New York State Department of Labor, the October 2014 unemployment rate in the City of Yonkers was 6.1%, down from 7.3% in October 2013. The October 2012 unemployment rate in Yonkers was 8.4%, 8.6% in 2011, 8.9% in 2010, 8.8% in 2009 and 6.2% in October 2008. Data also shows Yonkers having the lowest unemployment rate of New York’s so-called Big 5 Cities – in October 2014, New York City’s unemployment rate stood at 6.4%, 7.4% in the City of Buffalo, 7.0% in Syracuse and 7.4% in Rochester. (For more information, visit www.labor.state.ny.us/stats)
“Yonkers is a city on the move,” said Mayor Mike Spano. “The downward trend in unemployment is another sign of the positive growth of our economy, and recent groundbreakings are further proof that Yonkers is quickly becoming the city in which to live, work and play.”
In more positives news, for the first quarter of the City’s Fiscal Year 2015 (July 2014 through September 2014), sales tax revenues in the City of Yonkers increased by 5% over Q1 in Fiscal Year 2014. Home sales and home sale prices are also on the rise in Yonkers. According to data released by real estate brokers Houlihan Lawrence, the mean home sale price in Yonkers in October 2014 increased 12.2% from October 2013, while the average sale price was up 4.7%. Through October 2014, 469 homes have sold in Yonkers, up from 464 for all of 2012, 404 in 2012, and 337 in 2011. (For more information, visit www.houlihanlawrence.com)
Mayor Spano also pointed to the reaffirmation of Yonkers’ bond ratings by Moody’s and Standard and Poor’s as a positive economic sign for the city. And for the first time in recent memory, the City sold its bonds in a competitive market, driving rates lower and helping the City save on refinancing.
“The City has a made a lot of progress over the last three years, especially in light of the Board of Education’s budgeting error,” said Mayor Mike Spano. “It is apparent that buyers recognize our strength, our growing economy and Yonkers’ positive fiscal outlook.”
The economic resurgence comes on the heels of several positive economic development announcements in Yonkers. In October, Mayor Spano and Ginsburg Development broke ground on a new 330-unit, $100 million residential development known as River Tides. The 10-luxury development, one of the largest in Yonkers in recent years, is expected to create 300 construction jobs.
Mayor Spano pointed to recent hotel developments as another sign of positive economic growth in Yonkers. More than 500 new or renovated hotel rooms will soon be available to visitors and residents, including the Hyatt Place at Cross County, which is expected to create 100 full-time jobs; the Courtyard Marriot at Executive Boulevard, which will open near Marriott’s successful Residence Inn; and the $20 million Hampton-Inn on Tuckahoe Road. In addition, the Royal Regency Hotel recently completed a major, multi-million renovation project, creating one of the area’s first boutique hotels.
“The City Council, working across the aisle, has been instrumental in our success growing Yonkers’ economy, attracting businesses and jobs, and establishing Yonkers as a business-friendly City,” said Mayor Spano. “I look forward to continuing our partnership to further improve our economy.”
Overall, the city has experienced a 2% increase in population growth, growing by nearly 4,000 residents from the 2010 US Census to July 2013, the latest date for which population date is available. Yonkers has also grown at a faster rate than any other major city outside the City of New York. (For more information, visit www.census.gov)
Communications Director, Office of the Mayor
City Hall: 914-377-6208