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Exploring New York City Borough Economies
The Bronx is the northernmost borough of New York City, as well as the only borough located in the mainland United States. It is a highly residential borough, home to about 1.4 million people, making it the 5th most populous county in the State and the 26th most populous in the country. Most real property in the borough is residential, predominantly in the form of multi-family units such as apartments rather than single-family homes. The economy of the borough is primarily locally oriented, with heavy concentration in the Trade and Services sectors.
Brooklyn, or Kings County, is New York City’s most populous borough with 2.5 million residents, or 30.7 percent of the City’s total population. Brooklyn’s 71 square miles are home to a diverse and growing retail market, entertainment, and residential areas. The borough’s economy is primarily locally-oriented, with heavy concentrations in the Services and Trade sectors.
Manhattan is the smallest borough in New York City (“NYC” or “City”) based on land area. It covers 10,890 acres (7.1 percent of NYC), of which 24.9 percent is open space and 37.5 percent is under residential use. Home to 1.6 million people, or a fifth of NYC’s population, the borough is the 19th most populous county in the US and the 5th most populous in New York State. With its high population density, most real property in the borough is residential, predominantly in the form of multi-family units rather than single-family homes. Manhattan is the largest county-level economy in the State and employs 61.6 percent of the City’s workers, with heavy concentration in the Services, Finance and Insurance and Trade sectors.
Queens covers 35 percent of the City’s total area with 109 square miles of land. Its vast space allows for one of the most active industrial areas within the five boroughs, 7,000 acres of parklands and home of the two largest airports in the tri-state area. Queens has a diverse economy with major industries including Services, Trade, Manufacturing, and Construction.
Spread over 30,734 acres, Staten Island is the third largest borough in the City. It has one-fifth of the City’s shoreline, and half of its waterfront is designated for industrial use. There are over 170 parks covering more than 12,300 acres, with 4,000 acres on the waterfront. The borough’s economy is locally oriented, with heavy concentrations in Health Care and Social Assistance as well as Retail Trade.