It's unlikely to surprise anyone to learn that Times Square is an invaluable asset to New York City's economy, but as Patrick McGeehan points out, it has as much to do with offices as with hotels and entertainment.
A poster child of tourism as an economic engine, Times Square has drawn countless visitors to New York City for many decades. A study released this week set out to determine just how much it contributes: "one-tenth of all of the jobs in the city and $1 of every $9 of economic activity," McGeehan reports. "That amounts to $110 billion in annual economic activity – about equal to the output of Portland, Oregon," all in "an area that occupies less than 1 percent of [New York City's] land."
Tim Tompkins, president of the Times Square Alliance, which commissioned the report, attributes the success of the area to its preponderance of office space – 29 million square feet of it – and the 170,000-odd people that work there. "What's significant about Times Square is that it has become more diversified," said Tompkins. "Certainly we've become a major commercial office district... Before, we were an entertainment and hotel district."
Economist Rosemary Scanlon is quick to point out that tourism still plays a major role, enabling redevelopment nearby. Just west of Times Square, "luxury apartment towers" have sprung up "in places where no market for them previously existed," McGeehan writes.
"In the same way that we were a postcard for why not to come to New York City 20 or maybe 30 years ago," said Tompkins, "we are a powerful advertisement for how appealing the city is now."
FULL STORY: Times Square Lights Up City’s Economy, Study Finds

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
City of Fort Worth
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie