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.

The numbers point to the strongest gains in education and health services, which added a total of 14,100 jobs last month. Leisure and hospitality also added 3,200 to payrolls in February 2018.

Cushman & Wakefield focuses on office space. Their recent reports note the financial services industry added 13,000 jobs during 2017, the largest single year total since 2006. New York City's technology sector has increased by 30% in the last 10 years. The NYCEDC report supports how the city's overall economy has been on an upward march with education and healthcare being important sectors. McCarthy points to the aging population as a cause in the increased demand for healthcare, a sector that has been growing steadily for many years, along with leisure and hospitality, and education.

Although tourism is not a driver of office space, McCarthy says healthcare is growing in importance. Beyond hospitals and doctors' offices, there have been big deals in recent years with hospitals leasing space in office buildings.

“Back offices, ambulatory care, all of those activities that use office space have become much more active in the office market over the past five years or so,” McCarthy explains. “When you see this trend it's indicative of broader trends in the economy where we're seeing more growth in urban settings.”

NYCEDC president and CEO James Patchett has praised Mayor Bill de Blasio's administration for creating new economic pathways for New Yorkers. “Our New York Works plan is focused on investing in industries of the future, paired with strategic workforce development programs to equip New Yorkers of every background with new skills and opportunities to access good-paying jobs,” says Patchett.

McCarthy sees the employment statistics as indicative of a shift in the city's economy to become more diversified including the financial, TAMI, creative, healthcare and education sectors. He notes every year New York has added more jobs on a percentage basis than the US. If the national economy does well, McCarthy expects New York to participate and perhaps do even better.

Instant Insights /

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