Industry’s economic kick-in to city is huge: REBNY study

Tax revenue from sector comprised 38% of NYC base in 2012, data show

TRD New York /
Mar.March 05, 2014 09:44 AM

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.”

“By allowing these larger, more modern buildings to go up and allowing residential [buildings] and hotels to go up generates funds for city services,” REBNY’s president, Steven Spinola, told the Journal. “The hope is that the public will understand that development is not a negative. Good responsible development results in not just wonderful architecture and jobs but an income stream for the city.” [WSJ]Mark Maurer


Related Articles

arrow_forward_ios
John Banks

High expectations: A look at John Banks’ 4 years at REBNY

High expectations: A look at John Banks’ 4 years at REBNY
John Banks

John Banks to step down as REBNY president

John Banks to step down as REBNY president
REBNY Awards

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
REBNY president James Whelan (iStock, Whelan by Anuja Shakya)

REBNY to begin issuing fines for problematic listings

REBNY to begin issuing fines for problematic listings
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
REBNY's broker confidence index shows a sharp split between how commercial and residential brokers view the future. (iStock)

NYC commercial and residential brokers are split on market outlook

NYC commercial and residential brokers are split on market outlook
REBNY president James Whelan (Whelan by Anuja Shakya; iStock)

REBNY’s political contributions plummet

REBNY’s political contributions plummet
Clockwise from leftREBNY's James Whelan, StreetEasy's Matt Daimler and NYRAC's Heather McDonough Domi (Getty, iStock)

NYC’s lockdown will count as one day on the market for resi listings

NYC’s lockdown will count as one day on the market for resi listings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...