Dashboard NYC

The Partnership publishes a quarterly dashboard of key indicators to measure progress or slippage in the city’s private and public sectors.


Dashboard NYC Q1 2018

Q1 2018 Dashboard

Data for the first quarter of 2018 shows a record number of jobs and a spike in downstate VC investment.

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Total Jobs

↑ 1.7%

Q1 2018: 4.4 million
Q1 2017: 4.4 million

 

Unemployment Rate

↓ 0.3%

 

Long-Term Unemployment Rate

↓ 0.4%

 

Underemployment Rate

↑ 0.4%

Inclusive of residents who have given up looking for work and part-time workers looking for full-time employment.


Change in Employment by Sector

Sector Total Change
Financial Services 336,700 3,900
Health Care 733,300 33,400
Media/Publishing 194,800 1,700
Professional Services 746,700 18,700
Leisure & Hospitality 440,900 2,900
Retail 350,400 3,800
Government 546,000 -2,100
Construction 150,900 5,900
Education 258,800 2,300
Real Estate 132,800 2,500
Manufacturing 72,000 -1,500
Other 472,800 2,000

Most sectors enjoyed robust job growth, but Manufacturing and Government lost jobs year-over-year.

  • Number of Job Openings
    Q1 2018: 200,000
    Q1 2017: 195,000

Due to a change in methodology, job opening totals are higher than in previous dashboards. Both of the above figures were calculated using the new methodology.

  • Average Wage

    ↑ 2.5%

Private Sector

  • Commercial Vacancy Rate in Manhattan

    ↓ 0.6%

  • Commercial Rent in Manhattan

    ↓ 1.7%

  • Total VC Investment
    Downstate New York

    ↑ 58.4%

  • VC Investment in Tech
    Downstate New York

    ↑ 91.3%

Bloomberg Index

↑ 5.9%

The Bloomberg Index tracks the share prices of 100 of the largest companies headquartered in the greater New York City area.

Competitor Markets

Overall Employment Growth Rate

Job growth in New York City trailed Dallas (+3.0%), San Jose (+2.9%) and San Francisco (+1.7%), but outpaced Los Angeles (+1.5%), Boston (+0.9%) and Chicago (+0.4%).


Labor Force Participation

New York City: 71%
London: 79%

Labor force participation refers to the percentage of the working age population (aged 16–64) either working or actively looking for work. These rates reflect January–March 2018.


VC Investment Growth Rate 

Venture capital investment spiked 58.4 percent in Downstate New York, compared to 39.2 percent growth nationwide. Oscar Health received $165 million in later-stage funding, while New York City-based UiPath received $153 million, more funding than any AI company nationwide.

City Budget

  • All City Tax Revenue

    ↑ 14.4%

    The increase in tax revenue was primarily driven by a 26% increase in personal income tax (PIT) receipts. This was influenced by the federal tax law that altered the timing of PIT collections in 2018.

  • Property Tax Revenue

    ↑ 7.7%

  • Sales Tax Receipts

    ↑ 4.7%

  • City Spending

    ↑ 2.9%

    The increase in spending was primarily driven by an increase in spending on uniformed services workers.

Quality of Life

    • Reported Violent Crimes

      ↓ 4.6%

    • Reported Non-Violent Crimes

      ↓ 3.6%

    • Reported Murders

      ↓ 11.9%

  • Traffic Collisions

    ↑ 1.1%

  • Homeless in Shelters

    ↑ 1.3%

Housing

Average Home Sale Price

↓ 6.9%

Includes condos, co-ops, and one to three family dwellings.

Residential Construction Permits

↓ 18.5%

What Does a Mid-Wage Job Pay?

Nationally, middle wage jobs are typically defined as paying between $35,000–$75,000. However, when adjusted for the cost of living, a salary of at least $50,000 is required to be considered mid-wage in New York City. And even that varies greatly by borough since the cost of common goods can differ significantly.

New York City Salary

 

New York’s Middle Class is Shrinking

The number of mid-wage jobs have grown just 13 percent  since 2009, whereas low-wage jobs have grown by 21 percent. The mid-wage careers that have seen the most net job growth since 2009 are:

  • Accountants and Auditors
    (+4,903, median wage of $89,315)
  • General and Operations Managers
    (+4,832, median wage of $149,053)
  • Market Research Analysts and Marketing Specialists
    (+4,599, median wage of $76,253)

Automation Threatens 37% of Mid-Wage Jobs in New York City

As automation technology continues to advance, many mid-wage careers have seen sizable contractions, a trend that will likely continue. Below are the occupations that stand to lose the most mid-wage jobs, based on estimates from Oxford Economics:

Occupation Risk of
Automation
Mid-Wage Jobs
in New York City
at Risk
for Automation
Executive Secretaries and
Executive Administrative Assistants
86% 34,383
Accountants and Auditors 94% 28,340
Secretaries and Administrative Assistants,
Except Legal, Medical, and Executive
96% 13,965
Sales Representatives, Wholesale
and Manufacturing, Except Technical
and Scientific Products
85% 13,420
Maintenance and Repair Workers, General 64% 12,059
Security Guards 84% 11,039
Market Research Analysts
and Marketing Specialists
61% 10,587
Bookkeeping, Accounting,
and Auditing Clerks
98% 9,150
Construction Laborers 88% 6,992
Sales Representatives, Services, All Other 39% 6,456

Download Q1 2018 Dashboard →