...NEW YORK (S&P Global Ratings) Feb. 14, 2019--The news of Amazon reversing its decision to develop one half of its second headquarters in Long Island City, thereby eliminating 25,000 potential jobs, does not materially affect S&P Global Ratings' view of New York City's substantial and deep economy. Despite the temporary setback in the development of an emerging commercial district in Queens (after Midtown, the Financial District, and Hudson Yards), the city's economy is underpinned by the financial services industry, a burgeoning high-tech component, and robust tourism. Furthermore, Google's recent announcement that it will invest $1 billion in a New York campus to supplement its existing operations, and the city's estimate of 3.6% general wage growth, reinforce the city's economy as one of the world's largest. The 25,000 Amazon jobs would have helped diversify the city's personal income tax receipts away from the securities industry. However, as we note in our " Municipal Brief: New York...
