Goldman “a boon for local job hunters”

From the Jersey Journal:

Company lowers the estimate of residents to work at new tower

Goldman Sach’s proposed second office tower at 50 Hudson St. will prove a boon for local job hunters, according to Joseph J. Seneca, a Rutgers professor at the Edward J. Bloustein School of Planning and Public Policy.

During the estimated three-year construction phase, the $560 million project will generate the equivalent of 274 one-year construction jobs – or 11 percent of all the direct construction jobs – for Jersey City residents, according to an economic impact analysis Goldman paid the university to conduct, Seneca said.

The project will create 17 other indirect construction jobs for local residents as well as the equivalent of 213 one-year jobs created by the construction, Seneca said.

Once the building is occupied, Jersey City residents should land 413, or 12 percent of the 3,440 financial jobs at the facility – jobs paying on average $156,000 a year, Seneca said.

Though significantly lower than the 51 percent goals the company agreed to seven years ago, they are still above the figures Goldman has achieved at 30 Hudson St.

Like 30 Hudson St., the proposed new tower will be filled mostly by workers already on the payroll, Goldman officials said.

The company is shedding leases in Manhattan with the goal to consolidate its metro area operation at Battery Park and its two Jersey City towers. No date has been set for construction to start on the proposed Jersey City tower.

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One Response to Goldman “a boon for local job hunters”

  1. UnRealtor says:

    JC gives massive tax breaks to draw in corporations, as well as residents.

    But they don’t last forever, the residential tax breaks end after 5-7 years, not sure about corporate.

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