Report: Brooklyn economy can resist recession

DUMBO - A report released Friday suggests that while the nation is seemingly headed for a recession, Brooklyn's infrastructure should allow it to weather the storm.

Economists who prepared the Brooklyn Labor Market Review point to a diversity of industries in the borough as evidence of a recession-resistant economy.

"It goes back to Economics 101- diversify your portfolio, diversify your economy," says Carl Hum, president of the Brooklyn Chamber of Commerce. "Brooklyn has done that."

During the past decade, the report says more than 23,000 jobs have been created by small business such as Modern Tots in DUMBO.

"Our neighborhood in this part of DUMBO has gotten about 2,000 new residents since last year," says Sarah Rubenstein, who owns the store. "A lot of new development in the neighborhood. A lot of new families are moving into Brooklyn, so it's been great for us."

advertisement | advertise on News 12

Trending Video

VIDEO: Suspected gang members arrested in the Bronx 1 VIDEO: Suspected gang members arrested in the Bronx
Police say they're investigating after a body was 2 Police: Man found dead inside vehicle
Teens, parents and community organizations marched from the 3 Organizers march to bring awareness to teen dating violence
A fire destroyed a deli and a mosque 4 Fire destroys deli and mosque in Bushwick
A man is accused of stealing cellphones from 5 The Buzz: Subway rider robbery pattern

advertisement | advertise on News 12


Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.