Private sector employment in New York City saw a significant surge in June, reaching a post-pandemic high and nearly reaching the pre-pandemic peak. According to Deputy Mayor Doctoroff of the Bloomberg administration, the outlook for future business growth in the Bronx is optimistic. The South Bronx is undergoing a transformation with the construction of thousands of new residential units, and Long Island City in Queens is also experiencing growth. Business travelers make up 20% of all visitors to the city, and prior to the pandemic, the annual growth of business travel had remained fairly steady.
Most business travelers are nationals, and they tend to stay at a hotel for an average of two days. International business travelers are more likely to stay for a longer period of time, usually around a week. The most prosperous economic centers of the city after the pandemic are those located in the center. Companies such as Yellow Taxis have been disproportionately affected by the reduction in visitors due to their reliance on fares leaving Manhattan's streets and airports. To revive the tourism industry, the City must develop a proactive strategy that attracts international and business travelers. The City and State must also take advantage of federal aid and continue to provide aid and technical assistance funds to individuals and businesses in the industry as it restarts.
New York City's consistent ranking as one of the top 10 destination cities worldwide has helped to support wage growth in the tourism industry that has exceeded total private pay. In conclusion, with proactive strategies from both public and private sectors, there is a positive outlook for future business growth in the Bronx, New York. The City must continue to cultivate and attract international and business travelers to restore the health of the industry and return to a path of continuous and shared growth.
