Queens ranks third in New York counties with more investments in the local economy

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A recent study found that Queens was one of the top New York counties receiving the greatest amount of investment in their local economies.

SmartAsset.com recently released a study that looked at which counties in New York had that had the most incoming investments in business, real estate, government and the local economy. Factors that were taken into consideration included account growth in terms of number of business, GDP growth, building permit growth and federal funds received per capita.

According to their findings, Queens County ranked number three on the top 10 places in New York due to having a strong showing in each of the factors considered. Of the other counties in New York City, Kings County and Bronx County came in at numbers one and two, respectively, with New York County coming in at number four.

Chart courtesy of SmartAsset.com

Ranking 45.96 on the Incoming Investment Index, Queens showed 6.6 percent business growth in the past three years. The borough’s GDP measured at $6,039 (dollars in millions).

When considering the investment and development in the local residential real estate market, the study found that Queens had 6.0 new building permits for every 1,000 homes. The study also found that Queens was receiving $145 per capita in federal funding.

Click here to read the full report.

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