Enhancing and Measuring Reliability
In 2008, metropolitan New York's economy declined in step with the national economy, but not as severely. Local economic activity was maintained in part by major construction projects in the residential and commercial sectors. The year saw the highest number of dwelling permits issued since 1972. The city is a vital center for finance, media, and the arts, and continues to attract talented people who find rewarding careers and make New York their home. The New York Building Congress expects total jobs in New York City to increase from 4.15 million in 2002 to 4.46 million in 2010 and 5.03 million by 2025 – a 21% increase.
The city's population has grown by more than 240,000 since the start of the decade.
The city's population has grown by more than 240,000 since the start of the decade, and its housing market continued to be one of the most stable in the nation last year. The Building Congress anticipates office development of at least 44 million square feet to be completed by 2025. Consequently, Con Edison will have to meet the energy needs of those new residents.
Over the last five years, the number of home computers in Con Edison of New York's service area grew by 650,000; 77 percent of households now have a home computer. Another half-million are projected to be connected in the next five years. A significant contributor to increasing energy use is the growing number of customers purchasing new, larger, flat-screen TVs. These sets use up to three times more power than conventional sets. As prices for flat-screen TVs fall, this trend is expected to grow.
The current economic slowdown, however, will directly impact future demand for electricity. In January, we reduced our forecast for peak energy growth from ten to seven percent over the next decade.