Staten Island’s economy is service-oriented and primarily addresses local market needs rather than serving customers outside the region. While the surrounding suburbs and upstate New York have experienced significant manufacturing losses over the past decade, Staten Island has a much lower concentration of jobs in manufacturing, so job losses in this sector have had less of an impact on the borough’s economy.
Health services and social assistance is the largest sector in the Staten Island economy,
accounting for 28.7 percent of the borough’s jobs and almost 31 percent of the wages paid. Retail trade is another important part of the Staten Island economy, accounting for 18 percent of the borough’s private sector jobs—a greater proportion than in any other borough. The most active retail categories are in “big-box” businesses (e.g., Home Depot, Target, etc.). With the advent of big-box stores and large malls, however, many traditional retail centers have struggled to compete and maintain their economic vibrancy.
About 64 percent of Staten Island’s households live in their own houses—far exceeding the Citywide average of 32 percent—and Staten Island is the only borough in which more than half the households own their homes. Compared to other boroughs Staten Island has a higher percentage of home owners who live in one-, two-, and three-family homes rather than in condominiums or cooperative apartments. While home prices have more than doubled in the last six years, homes in Staten Island are still generally more affordable than elsewhere in the City.
Crime in the borough has dropped steadily over the past decade—in fact, Staten Island’s per capita crime levels are the lowest in the City. Poverty levels have also dropped since 1990, and with only 9.3 percent of its residents having incomes below the poverty level, the borough has the lowest poverty rate in the City. The per capita income of Staten Island’s residents is also higher than that of the other boroughs except Manhattan.
In an effort to control the rapid housing development, several rezoning initiatives have been enacted. These would restrict density so as to not overtax neighborhood roads, schools, and other resources. Transit studies and projects are underway in an attempt to divert truck traffic to rail lines (such as the reactivation of the Staten Island Railroad) and to create more mass transit opportunities for commuters (such as a study of possible North Shore light rail service).
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