(Bloomberg) -- Manhattan's cut of the New York City economy has been slipping as area residents flee its high cost of living for the more affordable outer boroughs.
Manhattan's economic share of the five-borough region fell from about 75% in 2001 to 72% in 2018, according to recently released data from the Bureau of Economic Analysis.
Manhattan's slice of the city's real estate and rental market fell from 65% in 2001 to 48% in 2018, as Queens and Brooklyn gained. Real estate-related transactions in Brooklyn grew from 13% in 2001 to 21% in 2018, with Queens showing a jump in those activities from 13% to 17% during the same time period.
Manhattan also lost share in the arts and hospitality industries, but it still holds a large lead in both. Even after dropping 3 percentage points in the arts 5.5 points in hospitality from 2001 to 2018, it still commands nearly 80% of the arts and entertainment business and about three quarters of accommodation and food services.
Brooklyn's share of the arts grew by about 7 percentage points in the same time period while gaining 4 points in hospitality.
Manhattan is still the clear leader in finance and that's one area where its market share is growing -- to almost 94% in 2018 compared with 92% in 2001.
In 2018, the GDP of all five boroughs fell just shy of $1 trillion.
To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net
To contact the editors responsible for this story: Sarah McGregor at smcgregor5@bloomberg.net, Anita Sharpe, Ben Holland
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