NYC Economic Overview
Jim Brown
Principal Economist NYS Department of Labor 212-775-3330
[email protected]
NYC VS. US: PRIVATE SECTOR JOBS
12-MONTH PERCENT CHANGE
NYC
US
2
UNEMPLOYMENT RATE: NYC VS. US
NYC
US
NYC REGULAR UNEMPLOYMENT BENEFICIARIES
12-month average
Monthly
NYC Unemployment Rates By Age Group
Year-Ending February 2012
NEW YORK CITY PART-TIME FOR ECONOMIC REASONS
SHARE OF WORKFORCE, 12-MONTH AVERAGE, %
6
NEW YORK CITY UNEMPLOYED 52 WEEKS+
SHARE OF UNEMPLOYED, 12-MONTH AVERAGE, %
7
New York City Labor Force by Worker Class, 2006-2010
OCCUPATIONS WITH THE LARGEST NUMBER OF SELF-EMPLOYED
Child Care Workers Taxi Drivers & Chauffeurs Maids & Housekeeping Cleaners Designers Construction Laborers Lawyers, and Judges, Magistrates, and other Judicial Workers Writers & Authors Artists and related workers
Real estate brokers and sales agents Musicians, singers, and related workers Retail salespersons Photographers First-line supervisors/managers of retail sales workers Hairdressers, hairstylists, and cosmetologists Carpenters Miscellaneous Managers Other teachers and instructors Management analysts Painters - construction and maintenance
9
INDUSTRIES ADDING THE MOST JOBS 12-MONTHS ENDING FEBRUARY 2012
Limited Service Eating Places Accounting, Tax Prep., & Payrolls Clothing & Accessory Stores Securities & Commodities Advertising & Related Services Management, Sci. & Tech Consulting Management of Companies Individual & Family Social Services Colleges, Univ., & Prof. Schools Hospitals Home Health Care Services Computer Systems Design & Related Food & Beverage Stores Department Stores Credit Intermediation & Related
+ + + + + + + + + + + + + + +
6,300 5,900 5,700 4,700 3,700 3,400 3,100 2,600 2,600 2,500 2,400 2,400 2,400 1,900 1,800
Change in Private Sector Jobs by Borough
2011 vs. 2001
Bronx
Brooklyn
Queens
Manhattan
Staten Island
NOTE: This graph refers to jobs located in a borough regardless of where the jobholder lives .
NYC FINANCIAL ACTIVITIES JOBS
1990-2012
12
NYC WALL STREET JOBS
1990-2012
13
NYC PROFESSIONAL & BUSINESS SERVICES JOBS
1990-2012
14
NYC EDUCATION & HEALTH CARE JOBS
1990-2012
15
NYC LEISURE & HOSPITALITY JOBS
1990-2012
16
NYC RETAIL TRADE JOBS
1990-2012
17
NYC INFORMATION JOBS
1990-2012
18
High Wage, High Growth Jobs
Job Title
Network Systems & Data Communications Analysts Fitness Trainers & Aerobics Instructors Medical Scientists, Except Epidemiologists Physical Therapist Assistants Medical Equipment Repairers Self-Enrichment Education Teachers Financial Examiners Dental Hygienists Agents and Business Managers of Artists, Performers, and Athletes Occupational Therapist Assistants Physician Assistants Education Administrators, All Other Curators Computer Software Engineers, Systems Software Massage Therapists Physical Therapists
10-Year % Growth
45.8 39.6 28.8 25.2 24.0 23.2 22.5 21.8 21.6 21.0 20.2 20.0 20.0 19.3 19.3 19.1
Median Wage
$83,990 $60,450 $76,840 $50,370 $47,450 $46,920 $90,760 $78,770 $77,170 $50,330 $90,210 $92,340 $62,020 $99,530 $53,650 $75,000
Training
Bachelor's degree Postsecondary vocational award Doctoral degree Associate degree Associate degree Work experience in related occupation Bachelor's degree Associate degree Bachelor's or higher degree, plus work experience Associate degree Master's degree Bachelor's or higher degree, plus work experience Master's degree Bachelor's degree Postsecondary vocational award Master’s Degree
High Wage, High Growth Jobs
Job Title
Medical & Public Health Social Workers Environmental Scientists and Specialists, Including Health Pharmacists Training & Development Specialists Veterinarians Instructional Coordinators Cardiovascular Technologists and Technicians Computer Software Engineers, Applications Special Education Teachers, Preschool, Kindergarten, & Elementary School Loan Counselors Environmental Engineers Radiation Therapists Market Research Analysts Respiratory Therapists Compensation, Benefits, & Job Analysis Specialists
10-Year % Growth
19.0 18.2 16.0 15.4 15.2 15.0 14.9 14.8 14.8 14.3 14.3 14.3 14.2 14.0 13.7
Median Wage
$53,510 $73,320 $105,760 $65,560 $119,710 $58,960 $49,510 $96,340 $73,520 $45,770 $88,370 $98,090 $69,010 $69,220 $66,080
Training
Bachelor's degree Master's degree First professional degree Bachelor's degree First professional degree Master's degree Associate degree Bachelor's degree Bachelor's degree Bachelor's degree Bachelor's degree Associate degree Bachelor's degree Associate degree Bachelor's degree
Public Relations Specialists
13.7
$65,710
Bachelor's degree
Occupations That Pay Twice the Minimum Wage with Lower Educational Requirements
Median Wage
$18.82 $22.24 $17.30 $17.09 $15.14 $15.03 $18.67 $22.09 $17.12 $15.74 $24.29 $18.22 $18.16 $21.70 $19.04
Occupation
Industrial Truck and Tractor Operators Carpet Installers Tree Trimmers and Pruners Welders, Cutters, Solderers, and Braziers Automotive Body and Related Repairers Cabinetmakers and Bench Carpenters Upholsterers Truck Drivers, Heavy and Tractor-Trailer Glaziers Home Appliance Repairers Locksmiths and Safe Repairers Bus Drivers, School Pest Control Workers Security and Fire Alarm Installers Bill and Account Collectors
High School or less
80.9% 77.7% 77.0% 75.2% 75.0% 73.4% 73.3% 71.7% 69.7% 64.3% 62.4% 61.4% 52.2% 48.3% 45.9%
Biggest Industry
Warehousing & Storage; Grocery Wholesalers Home Furnishing Stores Landscaping Services Architectural & Structural Metals Auto Repair & Maintenance Shops Household & Institutional Furniture Mfg Reupholstery & Furniture Repair General Freight Trucking Glass & Glazing Contractors Electronics & Appliance Stores Locksmiths School & Employee Bus Transportation Exterminating & Pest Control Services Investigation & Security Services Collection Agencies
# of Firms
158 727 369 235 2,437 356 164 739 114 1,387 182 156 208 875 88