Whether you’re a candidate looking for a new job or a growing business in need of a recruitment agency, it’s important that your vision for the future is grounded in the realities facing your industry and the economy. Here we’ve gathered the most recent expectations for employment and hiring in New York City for the remainder of 2018:
Low Unemployment and Job Growth
New York City’s unemployment rate hit a record low in February and March when it dipped to 4.2 percent—the lowest it’s been since 1976. In April, the unemployment rate rose slightly to 4.3 percent.1
The private sector added 79,500 jobs in New York City between May 2017 and May 2018. The education and health services sectors enjoyed the most robust job growth, with 35,600 new jobs, followed by professional and business services sectors with 15,800 jobs, and leisure and hospitality with 8,800 jobs. The manufacturing sector lost 1,900 jobs in the same time period, and was the only sector to lose more than 500 jobs.2
Among 71 major US metropolitan areas, New York City was 14th in creating the most business services and white collar jobs, according to Forbes’ 2018 ranking.
Bringing in Biotech and Blockchain
Already home to world class research institutions and universities, New York City is poised to become a hub for life sciences and biotech businesses. Earlier this year, the New York City government requested proposals for $100 million in city funds and land to develop the infrastructure to draw biotechnology companies. This is part of $500 million the city has earmarked to support life sciences investments.3 Existing life sciences startups in NYC are now receiving an average of $300 million in venture capital funding annually.4 Additionally, a new life sciences incubator lab opened last week in New York City to provide laboratory space and equipment for up to 30 biotech, medical technology, consumer health, and pharmaceutical startups. Known as JLABS @ NYC, the 30,000-square-foot facility is located within the New York Genome Center and is run by Johnson & Johnson Innovation.5
In a bid to draw blockchain companies and investments, the New York City Economic Development Corporation launched a blockchain innovation competition, and plans to open a blockchain resource center. The competition is specifically seeking blockchain solutions to improve public sector services, while the NYC Blockchain Resource Center aims to educate and build awareness about the uses of blockchain technology.6
1 Economic Snapshot - Volume 5, 2018. New York City Economic Development Corporation. Web. Accessed 27 June 2018.
2 Labor Statistics For the New York City Region. New York State Department of Labor. Web. Accessed 28 June 2018.
3 Herper, Matthew. “New York City Puts Up $100 Million to Create a Biotech Hub.” Forbes. Web. 23 Jan 2018.
4 Anderson, Bendix. “Building the Infrastructure to Keep Growing Life-Sciences Companies in New York City.” Urban Land Magazine. Web. 11 June 2018.
5 “Governor Cuomo Announces Grand Opening of New Life Sciences Incubator JLABS @ NYC.” Governor Andrew M. Cuomo. Pressroom. New York State. Web. 21 June 2018.
6 Nonninger, Lea. “New York City Is Getting a Pair of Blockchain Projects.” Business Insider. Web. 15 May 2015.