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New York City Employment & Economic Outlook

The song about New York City states that if you can make it there, you can make it anywhere. The Big Apple can be daunting, but it also abounds with opportunities for job seekers. This article provides important information about New York City, its largest employers and the fastest-growing jobs in the area.

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Overview

Despite a seemingly perpetual competition with London, England, New York City retained the title of the world's most economically powerful city as of March 2015, according to Citylab of the Atlantic Monthly Group. The U.S. Bureau of Labor Statistics (BLS) reports that the New York City-Newark-Jersey City Metropolitan Statistical Area (MSA) had a civilian labor force of over 10.04 million and an unemployment rate of 4.4% in March 2018. The region had an average hourly wage of $30.23 for all occupations as of May 2017.

Largest Employers

According to the New York State Department of Labor (NYSDOL), as reported in the August 2016 Quarterly Census of Employment and Wages, the following were the top 10 largest private employers in New York City. The city is home to some of the world's top banks.

  • Columbia University
  • American Airlines
  • JP Morgan Chase Bank
  • Memorial Sloan Kettering Cancer Center
  • Morgan Stanley Children's Hospital
  • Mount Sinai Hospital
  • Nielsen Company
  • New York-Presbyterian Hospital
  • Northwell Health, Inc.
  • Verizon

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Fastest-Growing Industries

The NYSDOL reports that the following are projected to be among the fastest-growing industries in New York City over the 2014-2024 decade, in no particular order. Most of these job categories will experience around 20-30% growth during that time, though a few - such as ambulatory health care and nonstore retailers - are projected to exceed 40% growth.

  • Nonstore Retailers
  • Professional, Scientific, and Technical Services
  • Warehousing and Storage
  • Scenic and Sightseeing Transportation
  • Ambulatory Health Care Services
  • Nursing and Residential Care Facilities
  • Amusement, Gambling, and Recreation Industries
  • Accommodation, Including Hotels and Motels
  • Food Services and Drinking Places
  • Specialty Trade Contractors

Jobs with the Most Hiring

The following are the jobs that the NYSDOL expect to offer job seekers some of the best chances at finding employment in New York City as of 2018. Some of these are service occupations, such as housecleaning, while sales, customer service and software development are also expected to have good employment opportunities.

  • Carpenters
  • Customer Service Representatives
  • First-Line Supervisors of Retail Sales Workers
  • Heavy and Tractor-Trailer Truck Drivers
  • Janitors and Cleaners
  • Light Truck or Delivery Services Drivers
  • Maids and Housekeeping Cleaners
  • Sales Representatives, Wholesale and Manufacturing (except Scientific and Technical Products)
  • Secretaries and Administrative Assistants (except Legal, Medical and Executive)
  • Applications Software Developers
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