NYC-WTC_000195490

NYC 9/11 Public Portal Document

Executive Budget 2002 Forecasts of Selected United States and New York City Economic Indicators Calendar Years 1999-2005

1970- 1999 2000 2001 2002 2003 2004 2005 2000* NATIONAL ECONOMY Real GDP Billions of 1996 Dollars ....... 8,876 9,320 9,480 9,783 10,169 10,575 10,973 Percent Change .................... 4.2 5.0 1.7 3.2 3.9 4.0 3.8 3.2 Non-Agricultural Employment Millions of Jobs .............. 128.8 131.4 132.3 133.2 135.3 137.5 139.7 Change from Previous Year ... 2.9 2.6 0.9 0.8 ' 2.1' 2.1 2.2 Perceiit Change ............. . . . . 2.3 2.1 0.7 0.6 1.6 1.6 1.6 2.1 Consumer Price Index All Urban (1982-84=100) .... 166.7 172.3 176.8 ' 181.3 185.8 190.4 195.1 Percent Change .......... . 2.2 3.4 i 2.6 2.6 2.5 2.4 2.5 5.1 WageRatn Dollars Per, Year .................. 34,713 36,296 37,971 39,592 41,310 42,987 44,696 Percent Change ............ 4.2 4.6 4.6 4.3/ 4.3 4.1 4.0 5.3 Personal Income' Billions of Dollars ....... ........ 7,790 8,283 8,674 9.102 9,639 1 0,181 10,759 Percent Change ................... 5.4 6.3 - 4.7 4,9 5.9 5.6 5.7 7.9 Before-tax Corporate Profits Billions of Dollars .......... 823 926/ 869 983 1.Q32 1,085 Percent Change ................... Unemployment Rate Percent ....... ;........... 8.5

4.2 12.5,

4.0 -6.1

4.9 5.3 5.9

5.1 V 5,0 5.2

4.8 8.5

6.3 (avg) TO-Year Treasury Bond Rate Percent ,......... . . . ................. 5.6 6.0 4.9 5.2 5.6 5.i 5.8 8.2 (avg) ' Federal Funds Rate Percent ....... ........ /............. 5.0 6.2 4.7 4.6 5.3 5.5 5.5 7.4 (avg)

NEW YORK CITY ECONOMY Real Gross City Product** Billions of 1996 Dollars ......... 407 448 453 449 475 496 514 Percent Change .................. ........ 4.1 10.1 1.0 -0.8 5.7 4.4 3.8 3.0 Non-Agricultural Employment Thousands of Jobs............... ....... 3,621 3,721 3,753 3,760 3,792 3,839 3,885 ■I Change from Previous Year ....... 92.8 2.6 99.8 2.1s 32.0 0.9 7.4 0.2 31.6 0.8 47,0 46,3 Percent Change ........................... 1,2 1.2 -0.0 Consumer Price Index ( All Urban NY-NJ Area .................. (1982184-100) .............. . 1'77.0 182.5 186.9 192.1 197.1 201.1 207.6 Percent Change ........................... / 1.9 3.1 2.4 2.8 2.6 2.5 2.8 5.1 Wage Rate) Dollars Per Year .................. ..... 54,083 58,027 59,723 61,141 64's06 67,397 70,010 Ifs Percent Change ................ . 3.7 7.3 2.9 2.4 5.5 4.5 3.9 6.4 ( Personal Income I Billi(;ms of Dollars .............. ........ i/ 279 303 311 320 338 356 373 Percent Change .................. / < 7.5 8.5 2.9 2.7 5.9 5.3 4.8 6.7

NEW YORK CITY REAL ESTATE MARKET Manhattan Primary Office Market 61? Asking Rental Rate*** Dollars Per Sq Ft ../......... ,........ 45.92 58.52 64.19 64.73 67,19 69.32 72.01 Percent Chaiige ................ 9.7 27.4 9.7 0.8 3.8 3.2 3.9 N.A ■ Vacancy Rate*** ......... i............. Percent .............. ...... /........ 6.2 3.0 4.0 5.2 4.9 5.1 4.9 N.A

* Compound annual growth rates for 1970-2000. Compound growth rate for Real Gross City Product covers the period 1978-99; for NYC wage rate. }975-i999; for NVCpersonal income, 1970-1998. ** GCP estimated by 0MB. ■ , *** Office market data are based on statistics published by Cushman & Wakefield.

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NYC-WTC_000195526