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Economic Development1


On the west side of Manhattan, from the west village, where we live, to the Javits Center on 34th Street and the west side highway, runs an abandoned elevated train track called The Highline. Eleven years ago, the Gotham Gal and I took a walk on the old Highline with Joshua David, one of the two founders of Friends Of The Highline, and I wrote this post about what was going to happen. The Highline cost something like $400mm to renovate. Some of the funds came from the city and state, but most came from private donations, like the one the Gotham Gal and I made after taking that walk. And then we got to watch what happened. The neighborhood exploded and is still exploding. There has to have been tens of billions of dollars of investment in real estate along The Highline over the last ten years and it is still going on. I am not including Hudson Yards, which sits at the northern end of The Highline, which is another economic development story but not the one I am telling. This is a photo of the northern spur of The Highline I took about a year ago from the top floor of one of the buildings in Hudson YardsAnd into those buildings move companies and people. New homes get created. Then the coffee shops and grocery stores and restaurants come. And the local economy expands, by a lot. The city and the state taxes this economic activity and its coffers fill up a bit more as a result. When we took that first walk on The Highline, I asked Joshua if there was some way to tax the land owners along The Highline to fund the renovation of it. It was obvious to me that the value of that land was going to go up a lot. He told me there was not. That seemed like a missed opportunity to me back then and still does. I suspect the increased land values along The Highline are an order of magnitude higher than the total investment in The Highline.  That is the power of economic development. It is a virtuous circle. You invest, you grow, you produce economic returns, you invest, you grow. Rinse and repeat. Why am I telling you this story today? Well I got this tweet in my timeline sometime yesterday: Amazon Is Getting $1.5 Billion to Come to Queens https://t.co/B4ITzuSXmj <- Why? @fredwilson Did NYC really need to pay Amazon $1.5B to come there? Will they get it back?— Peter Radizeski (@radinfo) November 13, 2018 It is a great question. And some economist should do the work. The city probably already has. My bet is that the City will get a return on this investment. Possibly a very large one. Twenty-five thousands jobs and all of the economic activity those jobs create are going to do a lot for Long Island City and all of NYC.  The annual salaries for those 25,000 employees will be more than the $1.5-2bn that the city and state are committing to this project. When you add to that the real estate that will be constructed and renovated, all of the new homes that will be created for people, and the salaries for all of those construction workers, the local commerce (coffee shops, grocery stores, restaurants, etc) and the salaries that all of those employees will take home, etc, etc, I think it is a “no brainer” to be honest. You can all tell from the posts I have written on this subject over the last week that I am a big fan of economic development. I think it is one of the things that makes a city vital and allows a city to retain its vitality. In the thirty five years we have lived in NYC, we have seen much of Manhattan and Brooklyn rebuilt. Now we are seeing Queens do the same thing. The Bronx and Staten Island are not sitting idle either. It is a magnificent thing to see and I pinch myself every time I think about it. https://avc.com/2018/11/economic-development/

Economic Development1


On the west side of Manhattan, from the west village, where we live, to the Javits Center on 34th Street and the west side highway, runs an abandoned elevated train track called The Highline. Eleven years ago, the Gotham Gal and I took a walk on the old Highline with Joshua David, one of the two founders of Friends Of The Highline, and I wrote this post about what was going to happen. The Highline cost something like $400mm to renovate. Some of the funds came from the city and state, but most came from private donations, like the one the Gotham Gal and I made after taking that walk. And then we got to watch what happened. The neighborhood exploded and is still exploding. There has to have been tens of billions of dollars of investment in real estate along The Highline over the last ten years and it is still going on. I am not including Hudson Yards, which sits at the northern end of The Highline, which is another economic development story but not the one I am telling. This is a photo of the northern spur of The Highline I took about a year ago from the top floor of one of the buildings in Hudson YardsAnd into those buildings move companies and people. New homes get created. Then the coffee shops and grocery stores and restaurants come. And the local economy expands, by a lot. The city and the state taxes this economic activity and its coffers fill up a bit more as a result. When we took that first walk on The Highline, I asked Joshua if there was some way to tax the land owners along The Highline to fund the renovation of it. It was obvious to me that the value of that land was going to go up a lot. He told me there was not. That seemed like a missed opportunity to me back then and still does. I suspect the increased land values along The Highline are an order of magnitude higher than the total investment in The Highline.  That is the power of economic development. It is a virtuous circle. You invest, you grow, you produce economic returns, you invest, you grow. Rinse and repeat. Why am I telling you this story today? Well I got this tweet in my timeline sometime yesterday: Amazon Is Getting $1.5 Billion to Come to Queens https://t.co/B4ITzuSXmj <- Why? @fredwilson Did NYC really need to pay Amazon $1.5B to come there? Will they get it back?— Peter Radizeski (@radinfo) November 13, 2018 It is a great question. And some economist should do the work. The city probably already has. My bet is that the City will get a return on this investment. Possibly a very large one. Twenty-five thousands jobs and all of the economic activity those jobs create are going to do a lot for Long Island City and all of NYC.  The annual salaries for those 25,000 employees will be more than the $1.5-2bn that the city and state are committing to this project. When you add to that the real estate that will be constructed and renovated, all of the new homes that will be created for people, and the salaries for all of those construction workers, the local commerce (coffee shops, grocery stores, restaurants, etc) and the salaries that all of those employees will take home, etc, etc, I think it is a “no brainer” to be honest. You can all tell from the posts I have written on this subject over the last week that I am a big fan of economic development. I think it is one of the things that makes a city vital and allows a city to retain its vitality. In the thirty five years we have lived in NYC, we have seen much of Manhattan and Brooklyn rebuilt. Now we are seeing Queens do the same thing. The Bronx and Staten Island are not sitting idle either. It is a magnificent thing to see and I pinch myself every time I think about it. https://avc.com/2018/11/economic-development/

Economic Development1


On the west side of Manhattan, from the west village, where we live, to the Javits Center on 34th Street and the west side highway, runs an abandoned elevated train track called The Highline. Eleven years ago, the Gotham Gal and I took a walk on the old Highline with Joshua David, one of the two founders of Friends Of The Highline, and I wrote this post about what was going to happen. The Highline cost something like $400mm to renovate. Some of the funds came from the city and state, but most came from private donations, like the one the Gotham Gal and I made after taking that walk. And then we got to watch what happened. The neighborhood exploded and is still exploding. There has to have been tens of billions of dollars of investment in real estate along The Highline over the last ten years and it is still going on. I am not including Hudson Yards, which sits at the northern end of The Highline, which is another economic development story but not the one I am telling. This is a photo of the northern spur of The Highline I took about a year ago from the top floor of one of the buildings in Hudson YardsAnd into those buildings move companies and people. New homes get created. Then the coffee shops and grocery stores and restaurants come. And the local economy expands, by a lot. The city and the state taxes this economic activity and its coffers fill up a bit more as a result. When we took that first walk on The Highline, I asked Joshua if there was some way to tax the land owners along The Highline to fund the renovation of it. It was obvious to me that the value of that land was going to go up a lot. He told me there was not. That seemed like a missed opportunity to me back then and still does. I suspect the increased land values along The Highline are an order of magnitude higher than the total investment in The Highline.  That is the power of economic development. It is a virtuous circle. You invest, you grow, you produce economic returns, you invest, you grow. Rinse and repeat. Why am I telling you this story today? Well I got this tweet in my timeline sometime yesterday: Amazon Is Getting $1.5 Billion to Come to Queens https://t.co/B4ITzuSXmj <- Why? @fredwilson Did NYC really need to pay Amazon $1.5B to come there? Will they get it back?— Peter Radizeski (@radinfo) November 13, 2018 It is a great question. And some economist should do the work. The city probably already has. My bet is that the City will get a return on this investment. Possibly a very large one. Twenty-five thousands jobs and all of the economic activity those jobs create are going to do a lot for Long Island City and all of NYC.  The annual salaries for those 25,000 employees will be more than the $1.5-2bn that the city and state are committing to this project. When you add to that the real estate that will be constructed and renovated, all of the new homes that will be created for people, and the salaries for all of those construction workers, the local commerce (coffee shops, grocery stores, restaurants, etc) and the salaries that all of those employees will take home, etc, etc, I think it is a “no brainer” to be honest. You can all tell from the posts I have written on this subject over the last week that I am a big fan of economic development. I think it is one of the things that makes a city vital and allows a city to retain its vitality. In the thirty five years we have lived in NYC, we have seen much of Manhattan and Brooklyn rebuilt. Now we are seeing Queens do the same thing. The Bronx and Staten Island are not sitting idle either. It is a magnificent thing to see and I pinch myself every time I think about it. https://avc.com/2018/11/economic-development/

Tree love27


           Comics: Random Popular Latest Cat Comics Comics: Random Popular Latest Cat Comics Home Comics Blog Quizzes About Contact All artwork and content on this site is Copyright © 2018 Matthew Inman. Please don't steal. var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www."); document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E")); try { var pageTracker = _gat._getTracker("UA-9487849-1"); pageTracker._trackPageview(); } catch(err) {} Source: http://theoatmeal.com/comics/tree_love

Strength of the Economy


Source: http://themusingsofthebigredcar.com/strength-of-the-economy/ Big Red Car here, snowing in the Panhandle and going to be 30F in the ATX tonight? Yes. Snow tonight? Nah. So, I like to take a look at information below the surface to prove or disprove what the surface currents seem to indicate. One of my favorites is to plumb the depth of the job market and its inverse, unemployment. Anybody with a brain knows that U-3 — the measure of unemployment that the media uses — is not very accurate for a number of structural reasons. While, folks also know that BLS U-6/7 is a better snapshot. One other area I like to look at is full time v part time employment. Here is an excellent graph (thanks Advisor Perspectives and dshort.com) which tells a great story. A couple of words of caution.  1. This graph is for those 16 and older.  2. It defines full time employment as being 35 hours per week or more.  3. It defines part time employment as being 35 hours per week or less. So what, Big Red Car? Dear reader, don’t be short with me. Here’s what we learn:  1. When the recession of 2008-9 hit, employers began to increase part time employment and decrease full time employment. Huge structural change. Obamacare an impact? Yes.  2. As the recovery began, as pathetic as it was, the number of part time jobs began to decline and the number of full time jobs began to increase.  3. Some time around early 2015, the trend lines crossed and continued in their same direction.  4. We are still not where we once were back in 2000. When we talk about “job creation” it is important to take a look to see if we are talking about full time jobs or part time jobs. We are actually talking about a combination of full time and part time jobs. As you can see, almost a decade after the recession, we are still not where we were as it relates to full time jobs. This indicates a continuing need in the US to keep an eye on job creation. We are not out of the woods just yet. But, hey, what the Hell do I really know anyway? I’m just a Big Red Car. Jobs — keep an eye on them. Share this:EmailTweetShare on TumblrPrint Related Source: http://themusingsofthebigredcar.com/strength-of-the-economy/