Jobs, Construction, Growing in New York City during August
At the start of each month we at Simply Hired like to take a step back, look at the jobs available on our site, and see what they can tell us about the US economy as a whole. We also look at a specific metro area that saw notable job growth over that month.
This September, we’re highlighting hiring in the New York City area. Where the US saw job openings grow nearly 5% in August, New York City witnessed equally substantial growth at 6% over the course of the month. Although New York City often tops the list with the most open jobs, the size of month-over-month job growth is notable.
The top posting industries in New York City were financial services, retail, technology, healthcare, and manufacturing–little surprise, with finance a key industry in NYC, as well as retail, technology, and healthcare continually ranked among the industries with the most post postings across the US. But construction was the fastest posting industry in New York during August.
New York City construction job postings grew more than 40% in August, compared to the national month-over-month growth rate of 18%. The next fastest growing industry was real estate, which saw 14% growth of job postings. In mid-August Crain’s New York Business reported residential construction jumped 50% citywide according to a report released by the New York Building Congress. It expects $12.2 billion to be spent on residential construction in 2014, up from $6.8 billion just a year ago. This increase coincides with increases of total construction spend in New York during 2014.
However, with these new increases, New York City is still behind other US metro areas in recovering to pre-crash levels of residential construction. Although spending on residential construction is up in New York, much of it is in luxury housing, which means more money spent but fewer units built.
But this trend may not last. The New York City Mayor’s Office of Housing Recovery reported yesterday that the city has exceeded it’s goal of reimbursing homeowners and starting new home construction projects by Labor Day, in response to the Sandy super storm from nearly 2 years ago. This points to continued construction growth in the New York area for some time.
Read the full Employment Outlook report here.