Follow Hudson on Twitter

Site Search
 
 
 

The 2018 New York City Jobs Outlook

The 2018 New York City Jobs Outlook

Whether you’re a candidate looking for a new job in New York City or a growing business in need of a recruitment agency, it’s important that your vision for the future is grounded in the realities facing your industry and the economy. Here we’ve gathered the most recent expectations for employment and hiring in NYC through 2018:

Year-Over-Year Job Gains

New York City’s private sector employment dipped by 4,100 jobs in October, after steeper losses of 26,000 jobs in September. Nevertheless, the city added 66,300 overall jobs since October 2016.1

The top four sectors experiencing the greatest growth were educational and health services, with the addition of 25,600 jobs, professional and business services with 14,500 new jobs, financial activities with 14,400 jobs, and natural resources, mining and construction with 10,100 jobs. The city’s year-over-year job growth rate was 1.7 percent, exceeding New York State’s rate of 1.2 percent and the national rate of 1.6 percent.2

The unemployment rate in NYC was 5 percent in October, down .1 percent from September and .2 percent from October of last year.3

NYC Industries Expected to Grow Through 2022

A 2015 survey by the New York State Bureau of Labor Market Information identified industries and occupations projected to grow significantly in New York City through 2022. The industries were determined based on one or more of the following factors: speed and extent of growth between 2009 and 2014, average annual wages above the city average, and industry growth forecasts.4

The industry projected to grow the most was information services, with a 61.9 percent anticipated expansion in jobs. Within the industry, software developer jobs were expected to grow by 30.4 percent, sales representatives by 17 percent, web developers by 34.2 percent, and customer service representatives by 10.3 percent.5

Other industries projected to expand employment were ambulatory healthcare services, anticipated to grow by 41.7 percent, hotels and accommodations by 29.9 percent, professional and technical services by 28 percent, administrative and support services by 21.2 percent, and non-store retailers by 3.1 percent.6

Occupations pinpointed for growth within the above industries include customer service representatives at 10.3 percent expected employment gains, marketing specialists at a 38.2 percent increase, management analysts at 20.1 percent, market research analysts at 38.2 percent, and operations managers at 16.1 percent.7

Amazon, Tech, and Ice Cream

E-commerce giant, Amazon, has leased two floors of an office building on the West side of Manhattan to house its Amazon Advertising offices in New York City. The new facility is expected to generate 2,000 high-paying jobs by the end of 2018.8

Cornell Tech opened its campus on Roosevelt Island in September. The graduate school and startup incubator is expected to deepen New York City’s importance as a tech industry hub. The campus and graduate and PhD student population will grow as the campus expands in two additional construction phases through 2037.9

The Red Hook neighborhood of Brooklyn will soon be home to a 15,000-square-foot ice cream factory. When it opens in 2018, Ample Hills Creamery will produce one million gallons of ice cream per year and will be the largest ice cream production facility in the five boroughs.10

EY, a global accounting and consulting firm, is expanding its New York City footprint by 600,000 square feet with the addition of office space in a new building under construction on Manhattan’s West Side. With the new location, the firm will add 1,153 employees to their existing 10,000 workers in the city.11

Need assistance with your hiring? Contact Hudson.

______________________________
Sources

1 November 2017 Economic Snapshot. Economic Research & Analysis. New York City Economic Development Corporation. Web. Accessed 12 Dec 2017.
2 Labor Statistics for the New York City Region. Department of Labor. New York State. Web. Accessed 12 Dec 2017.
3 Ibid.
4 "Significant Industries: A Report to the Workforce Development System. New York City. 2015" Bureau of Labor Market Information, Division of Research and Statistics. New York State Department of Labor. Web. September 2015.
5 Ibid
6 Ibid
7 Ibid
8 Warerkar, Tanay. "Amazon Will Open Huge NYC Office at Manhattan West Megaproject." Curbed New York. Web. 21 Sep 2017.
9 Harris, Elizabeth A. "High Tech and High Design, Cornell's Roosevelt Island Campus Opens." The New York Times. Web. 13 Sept 2017.
10 New York City, Expansions and Contractions. New York State. Department of Labor. Web. Accessed 12 Dec 2017.
11 Ibid.



blog comments powered by Disqus

 
 

 

HRO Baker's Dozen

 

© 2011 - 2018 Hudson Global -- All Rights Reserved
 

Hudson is a global talent solutions company. We help transform the workplace and unleash the full potential of organizations and individuals. Our expert team and proprietary tools provide you with unique insights and services that help you maximize your success. Operating around the globe, we deliver a range of recruitment, talent management and recruitment outsourcing solutions to get you and your business where you want to be.