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Dr. Terrence Martell, Saxe Distinguished Professor of Finance, and Weissman Center Director, Discusses Rising Wages in New York City Borough of Queens
April 3, 2008. A regular source of commentary on global financial markets, Dr. Terrence Martell, Saxe Distinguished Professor of Finance at Baruch College, has also been known to weigh in on matters closer to home. Recently he explained the reasons why the rise in wages in Queens is almost the highest in the United States.
Dr.Terrence Martell
Buoyed by the boom in travel and transportation business – much of it dependent on Kennedy International and La Guardia Airport – wages rose faster in Queens than in all but one other county in the United States in 2007 according to the federal Bureau of Labor Statistics.
In today’s New York Times Dr. Martell explains the linkages to the global economy that are driving this trend in New York City’s local labor market:
“The Queens economy is materially different from Manhattan’s,” said Terrence F. Martell, director of the Weissman Center for International Business at Baruch College.
“To the extent it’s growing, that gives us a diversification that we don’t typically talk about.” Dr. Martell said he suspected that companies that ship freight in and out of Kennedy accounted for some of the wage increase. He added that he thought growth in Queens was also supported by enterprises started by immigrants from Korea, Bangladesh and other place.
“Many of them, at their root, are import-export businesses,” Dr. Martell said.
(April 3, 2008) - To view the New York Times article click here.