Economy of Brooklyn

In recent years, Brooklyn has benefited from a steady influx of financial back-office operations from Manhattan, the rapid growth of a high-tech and entertainment economy in DUMBO, and strong growth in support services such as accounting, personal supply agencies, and computer services firms.

Jobs in the borough have traditionally been concentrated in manufacturing, but since 1975, Brooklyn has shifted from a manufacturing-based to a service-based economy. In 2004, 215,000 Brooklyn residents worked in the services sector, while 27,500 worked in manufacturing. Although manufacturing has declined, a substantial base has remained in apparel and niche manufacturing concerns such as furniture, fabricated metals, and food products. The pharmaceutical company Pfizer was founded in Brooklyn in 1869 and had a manufacturing plant in the borough for many years that once employed thousands of workers, but the plant shut down in 2008. However, new light-manufacturing centered around organic and high-end food have sprung up in the old plant.

First established as a shipbuilding facility in 1801, the Brooklyn Navy Yard employed 70,000 people at its peak during World War II and was then the largest employer in the borough. The Missouri, the ship on which the Japanese formally surrendered, was built there, as was the Maine, whose sinking off Havana led to the start of the Spanish-American War. The iron-sided Civil War vessel the Monitor was built in Green point. From 1968–1979 Sea train Shipbuilding was the major employer. Later tenants include industrial design firms, food processing businesses, artisans, and the film and television production industry. About 230 private-sector firms providing 4,000 jobs are at the Yard