Diversity a Strong Aspect of Queens Economy

A Message from Queens Chamber of Commerce President Mayra Dirico

The borough of Queens has a growing and vibrant economy that is benefiting from continued public and private sector investments and actions. Queens has a high concentration of export-oriented jobs, and these typically pay higher wages with average salaries of $42,000. As of 2014, there were 1,278 total manufacturers in Queens whose workers made an average salary of $45,000.
Immigration has had a strong influence on the Queens economy, and no single industry overwhelmingly dominates the Queens economy. Because Queens has such a diverse constituency, we receive a significant amount of foreign money which typically goes into real estate development.
The airline industry is a key component of the borough’s economy and is a major employer in the neighborhoods. Further, with the infusion of monies to LGA and JFK airports, their redevelopment projects are poised to increase trade and freight alliances throughout the world.

Some Interesting New York City “Trade Stats”
New York City’s trade with the world fell 3.52 percent, from $369.94 billion to $356.93 billion, in 2016 when compared to the same period the previous year, according to an analysis of the latest U.S. Census Bureau data. New York City’s exports decreased 4.93 percent while imports fell 2.61 percent. New York City’s deficit was $83.58 billion.
Through December, the district’s top five trade partners in order were China, United Kingdom, Switzerland, Germany and India.

New York City’s Exports
• Diamonds – $13.69 billion
• Gold – $10.84 billion
• Civilian aircraft and parts – $9.5 billion
• Jewelry – $7.14 billion
• Paintings, drawings and other artwork – $6.88 billion

New York City’s Imports:
• Diamonds – $18.99 billion
• Motor vehicles – $11.77 billion
• Imports of returned exports – $9.62 billion
• Gasoline, other fuels – $8.88 billion
• Paintings, drawings and other artwork – $5.3 billion

We at the Chamber of Commerce continue to see the diversification in Queens’ economy as a major strength for the borough which will position it for continued growth for years to come.

Leave a Reply

Your email address will not be published.