September 2012 Economic Snapshot: Employment Trends by Borough
For our September 2012 Economic Snapshot, NYCEDC’s Research & Analysis team examined where jobs were gained during the last two years using the latest data from the Quarterly Census of Employment and Wages. They found:
- New York City’s private sector shed 108,900 jobs (-3.5%) between 2008 and 2009 as the Nation was in a recession. However, by 2011, the City had regained all of the jobs that it lost during that period; the level of jobs stood 0.2% above the 2008 peak.
- The bulk of the jobs in New York City are located in Manhattan. Its historic role as the City’s central business district and tourism hub will likely help it retain that position, but Queens, Staten Island, Brooklyn and Bronx businesses are adding positions and demonstrating an increasing importance in the City’s job market.
- Of the 114,900 net private sector jobs created between 2009 and 2011, 59.1% were in Manhattan. Back in 2008, Manhattan had 61.6% of the City’s private sector jobs, so the increase was nearly proportional to the market’s overall size. Brooklyn, however, created 27.2% of the jobs added in the City over the period, which was well above its 2008 employment share (14.2%). The remainder were added in Queens (8.8%) and the Bronx (5.2%).