ECONOMY
Staten Island sits in the center of world's largest regional economy. Staten Island's possibilities and problems are tied to this fact. Robust regional growth made Staten Island a destination for residents in the region who sought affordable housing. (Staten Island has been the fastest growing borough of NYC since the 1990s.) The retail, social services, healthcare and education sectors have flourished, providing services to the growing numbers of local residents. The construction industry has prospered as well, fueled by a sustained homeownership boom. More than half of Staten Islanders in the workforce commute to other parts of the region. Manhattan is the destination for half of this group of off-island commuters. Wages on Staten Island are low relative to other parts of the region because of the concentration of jobs in lower paying sectors. The Borough's purchasing power is boosted by the high proportion of residents who earn higher salaries elsewhere, particularly in the financial sector in downtown Manhattan. While the overall poverty rate is low compared to the other NYC boroughs, pockets of poverty and underemployment persist in some neighborhoods.
Frequently discussed economic reforms include improving Staten Islandıs transportation system. Easier and shorter commutes would facilitate the movement of residents to off-island jobs. It would also encourage firms to relocate to Staten Island, since their off-island workers could more easily reach their jobs from throughout the region. Other suggested reforms center on creating a more sustainable economy by bringing firms to Staten Island that employ highly skilled workers in such fields as biotechnology, telecommunications, law and finance.
Richard M. Flanagan
The College of Staten Island/CUNY
