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Article: Technological trends affecting the manufacturing sector of New York City.(paper at 'The Metropolitan Economy in the National and World Arenas' conference, Federal Reserve Bank of New York)
- Article from:
- Federal Reserve Bank of New York Economic Policy Review
- Article date:
- February 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 Federal Reserve Bank of New York. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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For almost half a century, manufacturing has been declining in New York City. In 1950, there were about 1 million manufacturing jobs in New York City; in June 1994, there were 286,000 manufacturing jobs in the city. During the past two decades, from 1974 to 1994, manufacturing jobs in the city declined by more than 50 percent.
The loss of manufacturing jobs has created a widespread sense that manufacturing in New York City has no future, that the decline is unstoppable and "largely inevitable and foreordained" (Fitch 1993, p. 107). Even the optimistic report of the Commission on the Year 2000, New York Ascendant, predicted "an ongoing decline in manufacturing," ...