Analyzing New York City's Local Economies BOROUGH TRENDS & INSIGHTS THE BRONX UPDATE | JULY 2013 Highlights P.2 Office rental rate rises three fold from 2000 to 2011 P.3 Median Bronx household income at $32,058 P.3 Bronx unemployment rate at 12.7% P.6 Bronx Crime rate falls 26.7% from 2000 to 2011 P.6 Residents with a HS diploma rises to 69.4% in 2011 Center for Economic Transformation
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Analyzing New York City's Local Economies
BOROUGH TRENDS& INSIGHTS
THE BRONX UPDATE | JULY 2013
Highlights
P.2 Office rental rate rises three
fold from 2000 to 2011
P.3 Median Bronx household
income at $32,058
P.3 Bronx unemployment rate at
12.7%
P.6 Bronx Crime rate falls 26.7%
from 2000 to 2011
P.6 Residents with a HS diploma
rises to 69.4% in 2011
Center for Economic Transformation
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%English
Bronx NYC
Spanish Other Indo-European
Asian and PacificIslander
OtherLanguages
Bronx Language Spoken at Home, 2011
Source: U.S. Census Bureau, American Community Survey
• The majority of Bronx residents are Hispanic or Latino (53.8 percent),
with a significant representation of Black or African American
(29.9 percent) and White residents (11.1 percent). The borough
experienced the second highest population increase, behind only Staten
Island, among the Hispanic or Latino population with a growth rate of
13.9 percent from 2000 to 2011.
• Spanish is the predominant language in the borough. The Bronx has
the highest share of Spanish speaking residents Citywide and 46.3 percent
of residents speak this language at home. English is the next most
common language with 42.6 percent of Bronx residents speaking this
language at home, the lowest share of all five boroughs.
• 33.8 percent of the Bronx’s population is foreign born, an increase of
22.1 percent since 2000. Out of its 471,100 foreign born residents,
the majority (75.1 percent) are from Latin America.
July 2013 | 1
Population and Diversity
THE BRONX, covering a total of 42 square miles north of Manhattan and Queens, reached a population of
nearly 1.4 million residents in 2011. It experienced the second highest population growth of all five boroughs,
at nearly 15.6 percent between 1990 and 2011, which was second only to Staten Island. The economy is
locally-oriented with jobs concentrated in the Retail Trade, Wholesale Trade and Services Sectors.
Two or moreraces1.1%
Asian3.4%
Some otherrace0.6%
Native Hawaiianand Other PacificIslander>0.1%
Black or AfricanAmerican29.9%
AmericanIndianand AlaskaNative0.3% Hispanic or
Latino53.8%
White11.1%
Bronx Population by Race, 2011
Source: U.S. Census Bureau, American Community Survey
• In 2011, the Bronx median home value was $372,100, which was below
the Citywide median ($490,900). The median home value reached historic
highs during the 2007 housing boom, but has decreased gradually in
subsequent years. Specifically, the median home value has decreased by
13.1 percent, after adjusting for inflation, from 2007 to 2011.
• There are 473,656 occupied housing units in the Bronx, the fewest
outside of Staten Island. It has the lowest ownership rate of any of the
boroughs at 20.7 percent.
• In 2011, over 3 million square feet of additional residential and
nonresidential building stock was constructed in the Bronx, which was
valued at $955 million. The number of nonresidential projects increased
by nearly 69.5 percent from 2001 to 2011. However, the number of
residential and nonbuilding (infrastructure) projects decreased by
65.9 percent and 25.5 percent, respectively over the same time period.
• Commercial space in the Bronx has also been growing. Since 2000,
office space (Class A, B, and C) increased by 14.1 percent to nearly
8.7 million square feet of Rentable Building Area (RBA) in 2011. The
vacancy rate in 2011 was 13.4 percent, the highest of any borough.
However, despite the abundance of vacant square footage, office rental
rates have nearly tripled from $10.23 per square foot in 2000 to $28.26
per square foot in 2011 (176.2 percent increase), which is the largest
percentage increase for all boroughs over that time period by a wide
margin. The next largest rise in office rental rates was in Brooklyn,
which experienced a 34.2 percent increase.
Class A Class ABC2000 2011 Change 2000 2011 Change
Source: U.S. Census Bureau, American Community Survey; Bureau of Labor Statistics,Consumer Price Index (MSA)Note: Adjusted for inflation to 2011 dollars.
Source: U.S. Census Bureau, American Community Survey; New York CityHousing Vacancy Survey (NYCHVS)
Housing and Construction
Source: CoStarNote: Not adjusted for inflation.
TOTA
LSU
BLE
T
Office Vacancy, Vacancy Rate and Average Rental Rate byType, Bronx, 2000–2001
1 The Conventional classification refers to privately owned houses or buildings which are not part of a cooperative or condominium building or development. This category includes owner-occupied single-family houses, living quarters in partially commercial buildings, and all other types ofowner-occupied units which are not in cooperatives and condominiums.
Sector Employment2011
Change2000–2011
Average Wages2011
Change2000–2011
Establishments2011
Change2000–2011
FIRE 13,500 2.3% $39,200 2.6% 2,600 -10.3% Finance and Insurance 4,100 46.4% $43,800 -5.2% 500 25.0% Real Estate and Rental and Leasing 9,400 -9.6% $37,200 3.0% 2,100 -16.0%SERVICES 128,300 19.9% $44,500 4.5% 6,500 22.6% Information 3,200 -23.8% $59,700 -4.8% 100 -9.1% Professional & Business 3,900 30.0% $44,100 -8.5% 700 40.0% Educational Services 14,100 19.5% $56,300 45.9% 250 31.6% Health Care and Social Assistance 82,900 22.3% $45,900 2.2% 2,000 25.0% Arts, Entertainment, and Recreation 3,000 7.1% $97,000 6.0% 120 9.1% Accommodation and Food Services 13,100 39.4% $17,800 -1.7% 1,500 36.4% Other Services (except Public Admin.) 8,100 2.5% $27,400 -4.2% 1,900 5.6%TRADE 36,800 12.9% $34,600 -8.0% 4,100 7.9% Retail 27,100 21.5% $26,500 -7.0% 3,500 12.9% Wholesale 9,700 -5.8% $57,300 0.0% 600 -14.3%MANUFACTURING 6,500 -40.9% $41,000 -3.8% 400 -20.0%CONSTRUCTION 8,900 -17.6% $65,000 1.9% 1,030 3.0%TOTAL PRIVATE 212,600 12.4% $43,000 0.7% 16,400 13.1%GOVERNMENT 22,000 -7.9% $67,800 14.3% 100 233.3%TOTAL (PRIVATE & GOVERNMENT) 234,600 10.1% $45,400 1.8% 16,500 13.8%
Source: New York State Department of Labor, Quarterly Census of Employment and Wages; Bureau of Labor Statistics, Consumer Price Index (MSA)Note: Adjusted for inflation to 2011 dollars. Rows may not sum to total due to rounding.
Bronx Payroll Employment, Average Wages and Establishments, 2000-2011
July 2013 | 3
14.5 490,000
480,000
470,000
460,000
450,000
440,000
430,000
12.5
10.5
8.5
6.5
4.5
2.5
Bronx Resident Employment
Bronx Unemployment Rate
NYC Unemployment Rate
12-Month Moving Average Resident Employment and Unemployment Rate, 2002–2013
Source: New York State Department of Labor, Current Employment Statistics
• In 2011, total private sector employment in the Bronx was 212,600. Partly
as a function of its smaller population, this was the lowest of all
boroughs except Staten Island. However, between 2000 and 2011, private
employment increased at a faster rate than the City as a whole, at
12.4 percent compared to 2.4 percent. The Finance and Insurance sector
experienced the largest percentage growth (46.4 percent), followed by
the Accommodation and Food Services sector (39.4 percent), and
Professional and Business sector (30.0 percent). However, the rise in total
private sector employment in the Bronx was fueled by the growth in the
Health Care and Social Assistance sector, which gained over 15,000 jobs
from 2000 to 2011.
• Consistent with the City’s economy, the Bronx’s economy has a high
concentration of jobs in the Services and Trade sectors. In 2011, these
two sectors represented 77.7 percent of the borough’s total private
employment, compared to 68.2 percent Citywide. Within the Services
sector, the Health Care and Social Assistance sector had the highest
level of employment in the Bronx, comprising 39.0 percent of total
private sector employment.
• Between 2000 and 2011, average private sector wages increased from
$42,700 to $43,000 (0.7 percent), the largest growth of all boroughs
outside of Manhattan, after adjusting for inflation. The Educational
Services sector experienced the largest increase in average wages
between 2000 and 2011 (45.9 percent), after adjusting for inflation.
The Arts, Entertainment, and Recreation sector also experienced
significant real wage increases of 6.1 percent.
• In 2011, households in the Bronx had a median income of $32,058
and per capita income was $16,879.
• The Bronx resident unemployment rate was 12.7 percent on average
in 2012, the highest of all boroughs, remaining above the citywide rate
of 9.2 percent.
Economy and Employment
July 2013 | 4
450,000Weekday Weekend
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
Bronx Weekday and Weekend Subway Ridership,1990–2010
Source: Metropolitan Transportation Authority
Public Transportation
Drove Alone
Walked
Carpooled
Worked at home
Taxicab, motorcycle,or other means
Bicycle 0.3%
2.1%
3.6%
5.0%
8.4%
22.6%
58.0%
Workers 16 and Over Transportation to Work, Bronx, 2011
Source: US Census Bureau, American Community Survey
• Bronx subway ridership is the lowest of all five boroughs with
approximately 403,000 riders entering Bronx subway stations during
the average weekday and nearly 238,000 during the average weekend
in 2010. Bronx ridership accounted for 8.7 percent of total city subway
ridership in 2010.
• Ridership growth rates at the Bronx subway stations vary dramatically,
ranging from an increase of 75.5 percent at the Elder Avenue station
to a decrease of 57.3 percent at the Morrison-Sound View Avenues
station between 2000 and 2010. The busiest station in the Bronx was
161 St-Yankee Stadium with nearly 7.9 million subway riders in 2010.
• Between 2000 and 2011, Bronx residents experienced a decrease in
commuting time. The mean travel time to work decreased from
43 minutes to 41.7 minutes respectively. The majority of Bronx residents
took public transportation to work (58 percent) in 2011.
Commuting
• The Bronx is home to a number of cultural and recreational landmarks
that attract visitors from across the City as well as the nation. These
attractions range from historic sites and parks to a Major League
Baseball (MLB) stadium.
• There are a number of public parks in the Bronx. Two of the largest in
the City are Pelham Bay Park and Van Cortlandt Park. At more than
three times the size of Central Park, Pelham Bay Park is actually the
largest public park in New York City. A portion of the park, Rodman’s
Neck, is a permanent training facility and firing range established by
the New York Police Department. Also located in Pelham Bay Park is
the Bartow-Pell Mansion, which was built between 1836 and 1842 and
is a National Historic Landmark. Van Cortlandt Park is the fourth largest
park in the City and home to the oldest public golf course in the US.
• The Bronx Zoo is one of the world's largest metropolitan zoos,
comprising 265 acres of park land. There is a great variety of wildlife,
with some 650 species including lions, tigers, zebras, giraffes, gorillas,
elephants, leopards, an anaconda and many others, which may be seen
via indoor and outdoor exhibits.
• The New York Botanical Garden covering 250 acres of the Bronx is
one of the leading horticultural museums and plant laboratories in
the United States. The facility is home to 50 plant collections from
tropical flowers to forest trees and one the country’s largest plant
research organizations.
• The Bronx is also home to the New York Yankees, part of the American
League East Division of MLB. The Yankees have won several World
Series championships with the most recent being in 2009. That same
year, the Yankees moved to a new stadium next door to the
previous Yankees stadium, their home from 1923 to 2008. In 2011,
the Yankees had the second highest per-game attendance of all teams