The Success of Stands.3

After almost two years of economic difficulties in America, there are still signs of financial stress in New York City. However, in the lower East Village, many residents have become familiar with Artichoke Pizza, located on 14th street between 1st and 2nd avenue. Known for its pizza and for its late operating hours, there is likely to be a line trailing out of the small shop, even at two in the morning. On January 14th, owners Francis Garcia and Sal Basille opened a dessert stand, Led Zeppole, located only two doors down from their successful pizza shop, where customers continue to wait in long lines, only now divulging in tasty treats.

While Garcia discussed that he had ideas for a dessert themed restaurant, Led Zeppole was a still a bit unexpected. When the space suddenly became available about a year ago, Garcia explained that originally he had no interest specifically in investing money in something new. It was only until other food businesses began to look at the empty space that Garcia says he became serious in expanding, explaining his fear that he would only lose money by allowing in possible competition.

For many businesses in New York, competition falls second to the concern of financial stability. However, in the face of the economic crisis, Garcia’s business has remained unaffected.

“Pizza’s recession proof,” Garcia said. “No matter how bad things are people still have five dollars for a slice and a soda.”

Garcia explained that the business received during the late nights and early mornings have also helped them stay afloat.

“The late night crowd is great. It’s an alternative to a diner.” Garcia says. “ There are only a handful of places that have good food for cheap prices that are open late.”

In a report released by the Bureau of Labor Statistics, the food industry remains a keystone of the nations economy, employing an estimated 11.4 million people in 2008, an increase from 2007’s 11.2 million employed. The food industry, while suffering from some amount of economic repercussions, it is still considered a safe haven. In the larger sense, everyone still has to eat. In fact, Malkia McLeod, a representative from the U.S Census Bureau's Public Information Office, says that, since 2007 "limited-service restaurants have experienced an increase in the number of establishments, sales and number of paid employees."

Despite the food industry’s stability during the nation’s economic crisis, it is difficult to disregard the negative impact the economy has had on others. According to a news release published by the Bureau of Labor and Statistics, 27 states reported unemployment rate increases. The report indicated that the 14.9 million unemployed within the US went fundamentally unchanged from January.

In New York, the state’s unemployment rate has increased from 8.8 percent to 8.9 percent. Peter A. Neenan, director of the labor department’s research division, is quoted as saying: “Our newly revised jobs data indicate that the impact of the national recession on New York state’s economy was deeper than first estimated.”

However, there remains optimism amongst many economists, as there is suggestion that the country has overcome the recession and is now dealing with recovery. In an interview with David Gregory, host of the MSNBC show “Meet the Press,” Christina Romer, a chair on President Obama’s Council of Economic Advisors had said:

“You know, there’s the official definition, and that talks about just when do you turn the corner, when do you go from plummeting to, to finally starting to go back up? And I think we have, at least in terms of GDP, reached that point. But I think the president’s always said, and what I firmly believe, you’re not recovered until all those people that want to work are back to work.”

Whatever the case may be, for Garcia and Basille things have never been better; according to Garcia, business is only expected to increase due to the summer season. With there recent opening of Led Zeppole, a new meat sandwich shop This Little Piggy Had Roast Beef, and the development of a second Artichoke Pizza – one that would offer seating and a side slice shop – it is hard to imagine the city of New York is still suffering from an economic crisis.

“We’ve been blessed,” Garcia says. “We really haven’t had any down time. After the first two weeks [Artichoke] business just exploded.”