Stat of the Week: 106,800 Jobs
NYC's workforce saw a big jump in jobs year-over-year through July
New York City continues to add jobs to the workforce, increasing employment by 106,800 jobs year-over-year through July. The city added to its record level of employment with total jobs exceeding 4.4 million. Job growth was stronger compared to a year prior, as only 87,300 jobs were added from July 2015 through July 2016. With job creation healthy, let’s review the top five industries to post the most significant employment gains over the last 12 months.
5. Financial Services
This sector added 8,200 New York City jobs year-over-year through July. These employment gains also began to translate into additional leasing activity for this sector in 2017, as new leasing activity is up 49.5 percent over the past year.
4. Leisure and Hospitality
This industry continues to add jobs consistently, as employment grew by 15,400 jobs. With New York City tourism eclipsing 60.8 million visitors, it is no wonder this sector’s growth was led by food and drink services, which added the most jobs at 13,000.
3. Educational Services
It is back to school time in the New York City region, and the education sector added 24,500 jobs over the past year. As the city’s population continues to reach historical levels, the need for additional schools and education staffing continues to grow.
2. Health Care Services
This sector added 29,100 jobs year-over-year through July with the bulk of the addition—17,600 jobs—occurring in ambulatory health care services. Although not associated with traditional office-using jobs, this sector had a busy leasing month in July, accounting for 28.9 percent of the new leases signed.
1. Professional and Business Services
This industry added 30,100 jobs in the past year, and with 758,700 jobs in this sector, it boasts the highest level on record. The growth of professional and business services bodes well for the office market, as this sector helped office-using employment in New York City increase by 30,200 over the past year.