New Report Shows Brooklyn Economy Is Rapidly Expanding

New York State Comptroller Thomas DiNapoli's economic snapshot of Brooklyn shows the number of businesses in Brooklyn has increased by more than 20 percent since 2003.

DiNapoli says Brooklyn is still recovering from the nation's economic recession.  But he says it's recovering faster than the rest of the city.

"The challenges that Brooklyn faces, though they're real, can certainly be met by continued strength in the economy, by improving the economy, and certainly drawing on the very talented work force that resides here," he said.

The report shows most of the borough's prosperity is in revitalized neighborhoods like Williamsburg and Greenpoint. But other areas, like East New York and Bedford-Stuyvesant, are still suffering from high unemployment rates and poverty.  DiNapoli says businesses should look to these neighborhoods to continue the borough's expansion.

"If you're looking for space; if you're looking for more affordable rent; if you're looking for a highly motivated workforce -- people that want to have a good job -- there are many opportunities in neighborhoods of this borough that would be a great place for businesses to grow and narrow that inequality gap," he said.

DiNapoli says the booming manufacturing and technology industries are helping to create more opportunities for better-paying jobs.