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Report: Development Means Job Boost For Lower Manhattan

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Lower Manhattan is seeing more growth than the rest of the city, according to a new report. That means big jobs numbers. An Alliance for Downtown New York report says an additional 40,400 private sector jobs will be there by 2019, Commercial Observer reported. The report said the boom is equivalent to an annual growth rate of 2.4 percent, compared the city overall's rate of 1.3 percent.

Many companies are making the move downtown, CO reported. That includes sports broadcaster SNY at 4 World Trade Center, Condé Nast at One World Trade Center, and Time, Inc. and the Associated Press at Brookfield Place (the former World Financial Center). Between Brookfield Place, the World Trade Center, the South Street Seaport, and other projects, more than 2.34 million square feet of retail space will be added by the end of 2019.

"What's exciting to see the diversification of the economy here," Jessica Lappin, the president of the Downtown Alliance, told CO. "The center of gravity is moving to Lower Manhattan. The decline in the financial services sector is offset by gains in more cutting edge industries."

· Lower Manhattan Development Poised to Boost Job Numbers: Report [CO]

One World Trade Center Freedom Tower

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