The Real Estate Board of New York unveiled a report yesterday that breaks down how big a player the industry is in the city’s economy. The more than 15 percent in tax revenues collected from the real estate industry in 2012 comprises roughly 38 percent of the tax base in the city, the report found.
The real estate sector was responsible for providing more than 360,000 jobs that year. Non-construction activity produced $6.3 billion in indirect economic benefits, the Wall Street Journal reported. Park Avenue consulting firm AKRF was tapped to compile the research for the report, called “The Invisible Engine: The Economic Impact of New York City’s Real Estate Industry.” [more]