Crains New York - August 20, 2012 - (Page 1)
CRAIN’S
NEW YORK BUSINESS
®
VOL. XXVIII, NO. 34
REPORT REAL ESTATE
ROOFTOP FARMS yield profit and PR
P. 13
WWW.CRAINSNEWYORK.COM
AUGUST 20-26, 2012 PRICE: $3.00
GREG DAVID
Lies, damned lies, and jobless statistics
10% unemployment? Bogus number masks city’s true job growth
New York City added 10,000 jobs in July, according to the people who track the city’s economy, continuing an economic expansion that has been as strong as that in any area of the country. The unemployment rate remained stuck at just over 10%, the highest rate among the largest cities in the country, signaling a deeply troubled job market. Could both these statistics be true? No. This is a story of lies, damned lies and statistics, and of the government officials who have screwed up, the journalists who don’t make the effort to understand what’s going on, and the politicians and advocates who are misleading New Yorkers about the state of the city, intentionally or not. If you really need to know the bottom line now, here it is: The unemployment rate lies.The city’s economy is creating tens of thousands of new jobs for people with education and skills, and even more jobs for those with few credentials. This story begins with the nature of economic statistics. Each month,
See UNEMPLOYMENT on Page 20
BAM!
Fundraising wonder Karen Brooks Hopkins has turned Brooklyn Academy of Music into a cultural empire. She’s still not satisfied
BY MIRIAM KREININ SOUCCAR
Karen Brooks Hopkins expects the worst and leaves nothing to chance. Upon landing a multiyear corporate grant, the president of the Brooklyn Academy of SWEET MUSIC: Music starts wondering BAM raised a record how she will replace the $51.6 million in funds when the money runs fiscal year 2012. out. She frequently bemoans the fact that individual donors are skittish about giving these days and that corporations and foundations are abandoning the arts. And when she talks
See BAM! on Page 20
buck ennis
RUSSELL’S NEW LINE
NEWSPAPER
Phat Farm founder Russell Simmons teams up with designer Joseph Abboud
PAGE 3
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Table of Contents for the Digital Edition of Crains New York - August 20, 2012
Crains New York - August 20, 2012
Contents
In the Boroughs
In the Markets
The Insider
Opinion
Alair Townsend
From Around the City
Report: Real Estate
Real Estate Deals
The List: Top Airlines
Classifieds
New York, New York
Source Lunch
Out and About
Snaps
Crains New York - August 20, 2012
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