August 2012 Economic Snapshot: Employment Trends
For our August 2012 Economic Snapshot, NYCEDC’s Research & Analysis team looked at the industries that are driving employment and establishment growth in New York City. According to the recently released Quarterly Census of Employment and Wages data for 2011:
- From 2010 to 2011, overall NYC private sector establishments grew by 2.5 percent and employment by 2.8 percent. A number of industries outperformed these overall rates. Banking, for instance, rebounded from the recession with employment rising by 5.0 percent.
- Most impressive of all from 2010 to 2011 was Accommodation and Food Services, which posted the strongest growth of any sector in terms of both establishments and employment. Establishments in the industry increased by 6.8 percent over the period, while employment rose 7.7 percent.
- The surge in Accommodation and Food Services is related to the rise of tourism in NYC. In 2011, an all-time high of 50.9 million visitors came to NYC, a 4.3 percent increase from 2010 and 40.6 percent higher than 2000, according to data from NYC & Company. Tourism-heavy industries such as restaurants, air transportation and traveler accommodation were among the industries displaying strongest employment growth from 2010 to 2011.