NEW YORK CITY—Using seasonally-adjusted data, New York City has added 21,000 private sector jobs in February 2018, with average weekly earnings up 1.3%, adjusted for inflation, from February of last year.
Looking at the last decade, Cushman & Wakefield principal economist Ken McCarthy tells GlobeSt.com. “It has been an extraordinary period of growth for New York City, which has added more jobs faster than any period in its history. It has been a remarkable performance since the expansion began.” Considering New York was the financial capital, it bounced back with surprising resiliency, demonstrating an impressive performance dating back to 2008, says McCarthy.
Citing New York State Department of Labor data, New York City Economic Development Corporation describes the city's economy as thriving, with a record low unemployment rate of 4.2%, the lowest since 1976, which is the earliest date for available NYSDOL data.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
