Slowing Economy
Loss of the Garment Industry
Beginning in the 1990s, Chinatown’s garment industry began to fade and eventually disappeared completely following the September 11th attacks. The closing of Park Row in the aftermath of the event made it virtually impossible to circulate goods in and out of Chinatown. Thus, Chinatown’s era as a manufacturing zone essentially ended. This led to unemployment amongst many of Chinatown’s residents, who relied heavily on the self-sufficiency of the local economy. Many could not find work thereafter due to their low English proficiency and educational attainment.
Other Businesses
The steady increase in Chinatown rents and the 2008 recession also made it difficult for small shop owners to maintain their businesses. Many closed their shops or relocated to the new Chinatowns in Flushing, Queens or Bensonhurst, Brooklyn, where rent is significantly cheaper. Local Chinese residents followed a similar suit. Dr. Wellington Chen from the Chinatown Partnership notes that while subway ridership is at a 60% high, the Canal Street 6-Train Station lost 3002 riders within the past year. Thus, the local economy is slowing due to a increase in rents pushing both business owners and consumers out.
Sources:
Guest, Kenneth J. “From Mott Street to East Broadway: Fuzhounese Immigrants and the Revitalization of New York’s Chinatown.” Journal of Chinese Overseas 44th ser. 7.24 (2011): 24-44. Web. 12 May 2014.
Interview with Dr. Wellington Chen
