NYC Economic Overview

Jim Brown
Principal Economist NYS Department of Labor 212-775-3330 james.brown@labor.ny.gov

NYC VS. US: PRIVATE SECTOR JOBS

12-MONTH PERCENT CHANGE

NYC

US

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, %

NEW YORK CITY UNEMPLOYED 52 WEEKS+

SHARE OF UNEMPLOYED, 12-MONTH AVERAGE, %

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 Masters 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