borough trends & insights

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


• 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

Vacancy 45,000 510,269 1033.9% 195,363 1,164,063 495.8%

VacancyRate 3.2% 27.2% 739.5% 2.6% 13.4% 422.1%

Rental Rate $4.00 $29.32 633.1% $10.23 $28.26 176.2%

Vacancy 0 0 0.0% 0 0 0.0%

Vacancy Rate 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Rental Rate - - - - - -

Vacancy 45,000 510,269 1033.9% 195,363 1,164,063 495.8%

VacancyRate 3.2% 27.2% 739.5% 2.6% 13.4% 422.1%

RentalRate $4.00 $29.32 633.1% $10.23 $28.26 176.2%

DIREC

T

July 2013 | 2

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$02000 2007

Bronx NYC US

2011

Median Home Value, 2000–2011

Source: U.S. Census Bureau, American Community Survey; Bureau of Labor Statistics,Consumer Price Index (MSA)Note: Adjusted for inflation to 2011 dollars.

$50.00

2000 2011

$45.00$40.00$35.00$30.00$25.00$20.00$15.00$10.00$5.00$0.00

Brooklyn Bronx ManhattanQueens Staten Island

Office Rental Rates 2000 –2001

Source: CoStarNote: Not adjusted for inflation.

16.0%Brooklyn Bronx Manhattan

Queens Staten Island14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

2000 20110.0%

Office Vacancy Rates 2000 –2001


52,138

Conventional1 Condominium Coop

Mitchell Lama Coop Renter

8,385

18,970

18,672

Homeowners,20.7%98,165

Renters,79.3%

375,491

Bronx Housing Occupancy, 2011

Source: U.S. Census Bureau, American Community Survey; New York CityHousing Vacancy Survey (NYCHVS)

Housing and Construction


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

in the MLB.

Culture and Recreation

July 2013 | 5

Commuting continued

Station 2000 2010 Change2000–2010

Morrison-Sound View Avs (6) 1,551,868 662,982 -57%

Whitlock Av (6) 309,933 140,646 -55%

Kingsbridge Rd (B, D) 2,116,359 2,110,209 0%

174-175 Sts (B, D) 1,351,219 1,362,444 1%

Parkchester (6) 3,562,634 3,669,651 3%

Station 2000 2010 Change2000–2010

Elder Av (6) 1,479,821 2,597,698 76%

Woodlawn (4) 1,315,819 2,286,530 74%

Freeman St (2, 5) 699,778 1,188,448 70%

Bronx Park East (2, 5) 469,942 793,410 69%

St Lawrence Av (6) 970,354 1,540,797 59%

Source: Metropolitan Transportation AuthorityNote: Does not include student ridership

Bronx Top 5 Stations Annual Ridership by Growth, 2000-2010

Source: Metropolitan Transportation AuthorityNote: Does not include student ridership.

Bronx Bottom 5 Stations Annual Ridership by Growth, 2000-2010

2000 2011 Change

2001-2011

Less Than HS Diploma 299,686 264,454 -11.8%

HS Graduate OR GED 205,246 237,307 15.6%

Some College or 176,456 209,583 18.8%

Associates Degree

Bachelors Degree 69,854 95,855 37.2%

Graduate or 46,550 53,947 15.9%

Professional Degree

Total 797,792 861,146 7.9%

July 2013 | 6


Bronx Population 25 and Over Educational Attainment,2000–2001

2000 2011 Change

2000-2011

Less than High School 208,168 238,619 14.6%

High School 94,481 88,024 -6.8%

Undergraduate College 70,836 88,782 25.3%

or University

Graduate or 15,178 15,301 0.8%

Professional School


Bronx Population 3 Years and Over Enrollment by Education Level 2011

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Bronx NYC

Excellent Very Good Good Fair or Poor

Residents Health Status, 2010

Source: NYC Department of Health and Mental Hygiene, Community Health Survey

• Between 2001 and 2011, crime decreased 26.7 percent in the Bronx.

This was the second lowest decrease in crime among the five boroughs,

ahead of Staten Island (24.2 percent).

• Educational attainment of Bronx residents has been rising. The

percentage of Bronx residents aged 25 and over with at least a High

School Diploma or GED increased from 62.4 percent to 69.4 percent

from 2000 to 2011 and the percentage with at least a Bachelor’s

Degree increased from 14.6 percent to 17.4 percent over the

same period.

• There were nearly 6,500 fewer Bronx residents enrolled in high school

in 2011 than there were in 2000. However, all boroughs except for

Staten Island also experienced a decrease in high school enrollment

over this period and the Bronx was the smallest among them in

percentage terms (-6.8 percent). The borough also experienced the

highest increase of those enrolled in Undergraduate College or

University (25.3 percent) from all boroughs outside of Staten Island.

Between 2000 and 2011 enrollment in a Graduate or Professional

School increased by 0.8 percent.

• Many institutions of higher education are located in the Bronx. These

include Fordham University, City University of New York, Hostos and

Bronx Community College, Hunter College, The College of Mount Saint

Vincent, Manhattan College and The State University of New York

Maritime College offering undergraduate and graduate education.

• The majority of Brooklyn residents rated their health as good or better

(74.7 percent), which was below the citywide rate (79.1 percent).

Crime, Education and Health

2001 2011 % of Change City Total 2001-2011

Murder 190 148 29% -22%

Rape 502 272 19% -46%

Robbery 5,178 4,578 23% -12%

Fel. Assault 5,335 4,467 24% -16%

Burglary 5,813 3,546 19% -39%

Gr. Larceny 4,373 4,899 13% 12%

G.L.A. 5,522 2,089 22% -62%

Total 26,913 19,999 19% -26%

Source: NYPD Comp StatNote: G.L.A is Grand Larceny Auto

Bronx Number of Crimes, 2001–2011

July 2013 | 7

July 2013 Borough Trends & Insights, authored by Jeffrey Bryant and Eileen Tumalad

About NYCEDC

The New York City Economic Development Corporation is the City’s primary engine

for economic development charged with leveraging the City’s assets to drive

growth, create jobs and improve quality of life. NYCEDC is an organization

dedicated to New York City and its people. We use our expertise to develop,

advise, manage and invest to strengthen businesses and help neighborhoods thrive.

We make the City stronger.

About NYCEDC Economic Research & Analysis

The Economic Research and Analysis group from NYCEDC’s Center for Economic

Transformation conducts economic analysis of New York City projects, performs

industry and economic research on topics affecting the City and tracks economic

trends for the Mayor, policy-makers and the public as a whole. As part of its goal

of providing up-to-date economic data, research and analysis to New Yorkers, it

publishes a monthly New York City Economic Snapshot as well as the Trends &

Insights series of publications covering such topics as Tech Venture Capital

Investment, Borough & Local Economies, and Industry Economic Sectors. It also

sponsors the Thinking Ahead series of events that brings together thought

leaders and stakeholders to discuss and debate key issues shaping New York City's

economic future.

Economic Research & Analysis Group

Michael Moynihan, PhD, Chief Economist & Senior Vice President

Eileen Jones, Assistant Vice President

Eileen Tumalad, Assistant Vice President

Andrea Moore, Project Manager

Jeffrey Bryant, Project Manager

For more information, visit nycedc.com/NYCeconomics

Contact us at [email protected]

Center for Economic Transformation

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