on Mar 27, 2012
NY Times and Crain’s feature HR&A’s Findings on Times Square Economic Impact
The Times Square Alliance released HR&A’s comprehensive study of Times Square’s outsized value to the City of New York. Although it makes up less than 1% of the City’s land area, Times Square generates 11% of the City’s economic output, or $110 billion of economic activity within the City each year. This economic activity supports 385,000 jobs throughout New York City.
HR&A found that Times Square’s contribution to the City’s economy grew disproportionately during the recession. Between 2007 and 2011, Times Square’s economic output grew by 22%, while the City’s economy grew by 9%.
As a major commercial office hub, Times Square provides employment opportunities to all New Yorkers. More than 60% of New York City residents working in the Times Square area live outside Manhattan or north of 110th Street. HR&A’s findings support the Times Square Alliance’s ongoing efforts to improve and promote Times Square, which was recently featured in the New York Times and Crain’s New York.