NYCEDC: City Sees Record Number of Private-Sector Jobs
New York City’s labor market is seeing a record number of private-sector jobs (4,151,400 annual average) and a record high labor force participation rate of 62.8% as of September 2024. That’s among the key takeaways from the first-ever “State of the New York City Economy” report from the New York City Economic Development Corporation (NYCEDC), which also found that the local economy has become more diversified over the past decade.
“New York City’s status as a major global financial capital remains secure, with 21,500 more jobs in the finance sector today than there were pre-pandemic,” according to NYCEDC. “But rapid growth of the tech, life sciences, healthcare, and green economy sectors has provided for a greater diversity of high-growth, and high- or middle-wage jobs in the city.”
The report also analyzes economic challenges the city is facing, led by housing affordability. New jobs added between 2011 and 2023 outnumber new housing units by more than 2 to 1. However, the city is taking policy steps to mitigate the crisis, including the “City of Yes for Housing Opportunity” plan, NYCEDC said.
