NEW YORK CITY—The city's share of the state's private sector job total has spiked significantly over the past decade, from 43.0% in 2004 to 46.5% in 2014, according to a new report by the Center for an Urban Future. The study shows that New York City's economic growth has significantly outpaced other metropolitan areas within the state and that the city's impact on the state's economy is greater than its share of the population.
According to the report, every other major metropolitan area in the state experienced a decline in their share of the state's jobs during the same 10-year period, with the biggest drops occurring in Buffalo/Niagara Falls (whose share of state jobs fell from 6.5% in 2004 to 6.1 % in 2014) and Long Island (from 15.0% to 14.5%).
Other regions experiencing a drop include Rochester (from 6.2% to 5.8%), Syracuse (from 3.8% to 3.4%), Binghamton (1.3% to 1.1%), Albany/Schenectady/Troy (4.8% to 4.6%), Putnam/Rockland/Westchester (6.7% to 6.3%), Poughkeepsie/Newburgh/Middletown (from 2.9% to 2.7%) and Utica/Rome (1.4 % to 1.3 %).
The report also reveals that private sector jobs in New York City increased by 17.3% over the past decade, from 3,051,200 in 2004 to 3,580,100 in 2014. Only Long Island had more than a 5% gain in private sector jobs during this period, adding jobs at a 5.1 % clip. Three regions actually experienced a decline in private sector jobs from 2004 to 2014: Binghamton (with a 4.9% decrease in private sector jobs), Utica/Rome (with a 4.5% drop) and Syracuse (with a 2.6% drop).
The study points out that New York City's economic impact is disproportionate to its population. While New York City now accounts for 46.5% of the state's private sector jobs, the five boroughs currently comprise just 42.4% of the state's population.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
