State Controller Says East Harlem's Financial System Is Hovering

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ALBANY — East Harlem’s financial system the previous decade has been booming, state Controller Thomas DiNapoli stated in a report launched Thursday.

The realm, which stays “a middle of Puerto Rican and Hispanic tradition,” has seen non-public sector employment attain a report excessive whereas the variety of companies grew by 37%, the report discovered.

“East Harlem has undergone strong financial progress,” DiNapoli stated. “This progress has sparked enterprise and job creation, and has attracted new residents to this more and more numerous neighborhood.”

DiNapoli discovered there have been 1,750 companies in East Harlem in 2016, with medical services, together with Mount Sinai Hospital, representing the biggest employment sector.

A lot of the different employers have been small companies which have fewer than 5 workers.

DiNapoli stated East Harlem’s inhabitants grew by 14% since 2010 and the non-public sector common wage of $71,700 grew 51% over the previous decade — far surpassing the 16% citywide common.

Greater than eight in 10 East Harlem residents work elsewhere in Manhattan, whereas simply 6% work of their area people.

However there’s additionally motive for concern because the success has left long-term residents with restricted means — notably seniors — struggling, DiNapoli stated.

Violent crime fell by almost a 3rd, and main felonies by about 25%, between 2000 and 2016, however crime stays a significant neighborhood concern, he stated.

East Harlem residents additionally ranked first for psychiatric hospitalizations and second for drug-related hospitalizations of town’s 59 neighborhood districts, the report stated.

“East Harlem is an financial engine and cultural mecca in its personal proper, however a neighborhood with large unmet wants as effectively,” Manhattan Borough President Gale Brewer stated.

 
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