New York City Adds 314,500 Nonfarm Jobs
Richard Persichetti Oct. 8, 2013, 7 a.m.
With all of the negative news surrounding the government lately, this week’s Stat of the Week will focus on something positive. During the last U.S. recession, New York City lost 140,700 seasonally adjusted jobs. O.K., so that isn’t a positive. However, the fact that during the recent recovery New York City has added 314,500 nonfarm jobs is definitely a positive. And for those of you keeping count, that is 173,800 more jobs in New York City since the employment peak in 2008. So which industries have done the most recruiting since the recession? I think the best way to answer this question is with another top-five list.
5. Financial services: The financial services industry gained 12,000 jobs during the recovery. However, this industry has not recovered all of the jobs lost and is still lagging behind its 2008 high point by 34,900 jobs.
4. Retail trade: Retailers continue to expand in New York City and added 54,800 jobs since the recession, surpassing the high watermark by 31,100 jobs.
3. Leisure and hospitality: The leisure and hospitality industry has expanded by 76,200 jobs—not a surprise since New York City catered to 52 million visitors in 2012 and has been eclipsing its total each year since the recent recession low in 2009.
2. Professional and business services: The professional and business services sector has been driving the office market recovery, so it is no surprise that this industry is ranked No. 2 with 79,400 jobs gained—31,400 more than before the recession.
1. Education and health care: The education and health care industries lost the fewest jobs during the recession—only 2,400—and came back the strongest by adding 93,800 jobs. Although not known as primary lessees of office space, this sector has been extremely active in 2013, leasing nearly 2 million square feet.