The job market in Manhattan is witnessing a considerable improvement as the sales of apartment in the city have escalated to 80% in the second quarter as compared to the last year.
The sales have reached the maximum level, since the year 2008.
New York Appraiser, Miller Samuel Inc. and Broker Prudential Douglas Elliman Real Estate revealed that around 2,750 cooperative apartments and condominiums were marketed in the period.
The average cost per square foot has not altered significantly and is presently at $1,051. This amount has registered an 18% decline from the highest point in 2008. The median apartment cost has increased by 7.6 % as compared to the previous year.
President of Miller Samuel, Jonathan Miller, revealed in a telephonic interview that this is an initial step towards improvement in housing.
The rate of unemployment in New York plummeted to a seasonally regulated rate of 9.6% in May. According to the New York State Labor Department, this was the fifth decline in a row.
The economic industry put in 6,800 more jobs from February end to May. This was the biggest three month rise, since the year 2008.
5.5% of Manhattan's private sector jobs were in the security industry in the year 2009.