Suburbs No Longer ‘In’ For Office Job Growth, Report Says [AUDIO]
Before the Great Recession, trendy office corridor jobs were being created in many North Jersey suburbs that are 50 or 60 miles from New York, but a new report indicates a lot of those jobs are moving once again closer to the city.
The report comes from the Brookings Institute.
They say jobs in finance and pharmaceuticals were increasing in former times in places like Morris and Somerset counties. But now, Rutgers Economist James Hughes, says Brookings has identified a real shifting of job growth from what’s called the, “outer suburbs” to areas more in-lying areas near New York.
“In the New York region, it is Manhattan, Brooklyn and the Hudson river waterfront which are the dynamic growth areas.”
Hughes says younger hires do not want to work in the outer suburbs, they want to work in New York city because it’s more happening, has more entertainment, and is a shorter commute.
The region surrounding New York City, which extends 35 miles out into North Jersey and Long Island, had a net loss of 330,000 or 5 percent of its jobs between 2000 and 2010, according to the report. Areas farthest from the center were hit hardest, accounting for 65 percent of the jobs lost, and may be the slowest to recover.