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The New York City Jobs Market: 2017 Mid-year Review

The New York City Jobs Market: 2017 Mid-year Review

Whether you’re an executive at a New York City business in need of a recruitment strategy or a candidate looking for a job, it’s important to understand the realities facing your industry and local economy. Here we’ve gathered the most recent news and predictions for hiring and employment in New York City:

Between May 2016 and May 2017, the New York City region experienced solid job growth, increasing by 2.2 percent, or 83,300 jobs. The education and health services industries enjoyed the strongest gains, with a combined total of 31,700 new jobs. The professional and business services sector added 23,600 jobs, leisure and hospitality 14,300 jobs, and financial activities 3,800 jobs. The growth in private sector jobs was higher than the rate for New York State and nationally, which saw 1.7 percent increases respectively.1

The unemployment rate in New York City was 4.3 percent as of May. This was a 0.2 percent increase over April, but a .9 percent decrease compared to May of last year.2

The Tech Industry Goes Big in NYC

This coming fall, Cornell Tech’s state-of-the-art campus on Roosevelt Island will welcome its first students. A collaboration between Cornell University and the Israel Institute of Technology, the $2 billion facility is the result of a push by former Mayor Michael Bloomberg to diversify the city’s economy and develop a strong tech-industry infrastructure. In existence since 2012, Cornell Tech is a graduate level institute bringing together students, teachers, business leaders, and tech entrepreneurs.3

Between 2010 and 2016, tech employment in New York City has grown by 31 percent.4 The tech industry has found continued support from Mayor Bill de Blasio who earlier this year revealed plans for the Union Square Tech Hub, a 250,000-square-foot facility that will house space for startups and a tech training center.5

In June, Mayor de Blasio also announced a 10-year plan to make New York City the “cybersecurity capital of the world.” The ‘New York Works’ initiative will invest $30 million in cybersecurity training, research and development incubators, and a cybersecurity business accelerator. The push is expected to create 10,000 jobs over the next 10 years.6

Hollywood East: New York City’s Movie Industry Expands

York Studios, a $100 million film and TV production center broke ground in the Bronx this month. New York City’s film, TV and commercial industry has boomed in recent years, and this is the latest example of its growth. Last summer, Silvercup Studios also expanded into the Bronx. York Studios is expected to yield more than 400 production industry jobs and create hundreds of construction jobs for the project.7  

Other expansions include plans by financial services giant J.P. Morgan Chase & Co. to triple its midtown Manhattan office space. The company signed a 15-year lease for the office space on the far West Side where they expect ultimately to employ 2,000 to 2.500 people, most of them on digital teams. The online men's grooming products company, Harry’s is moving its headquarters to New York City and expects to hire 188 people over the next five years for software engineering and R&D roles. Two new hotels are also slated for development in Brooklyn, adding hospitality industry jobs to the city over the next few years.8

Need help hiring in New York City? Contact us.

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Sources

1 “Labor Statistics for the New York City Region.” New York State Department of Labor. Web. Accessed 28 June 2017.
2 Ibid.
3 Eisenpress, Cara. “Cornell Tech Starts Up.” Crain’s New York Business. Web. 4 June 2017, accessed 28 June 2017.
4 Ibid.
5 Ha, Anthony. “NYC Mayor Bill de Blasio Shows Off Designs for Planned Tech Hub.” Techcrunch. Web. 17 Feb 2017, accessed 28 June 2017.
6 Barth, Bradley. “NYC Mayor Reveals Plan to Add 10,000 Cybersecurity Jobs Over the Next Decade.” SC Media. Web. 16 June 2017, accessed 28 June 2017.
7 Kreinin Souccar, Miriam. “The Bronx is Booming: Film Studio Breaks Ground in Soundview.” Crains New York Business. Web. 5 June 2017, accessed 28 June 2017.
8 “New York City Region, Expansions and Contractions.” New York State Department of Labor. Web. Accessed 28 June 2017.
9 Anuta, Joe. “Manhattan Home Prices Dip in the First Three Months of 2017.” Crain’s New York Business. Web. 4 April 2017, accessed 28 June 2017.

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