Our Research
Dashboard NYC
The Partnership publishes a quarterly dashboard of key indicators to measure progress or slippage in the city’s private and public sectors.
Q1 2018 Dashboard
Data for the first quarter of 2018 shows a record number of jobs and a spike in downstate VC investment.
↑ 1.7%
Q1 2018: 4.4 million
Q1 2017: 4.4 million
Unemployment Rate
↓ 0.3%
Long-Term Unemployment Rate
↓ 0.4%
↑ 0.4%
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%
- Reported Violent Crimes
- 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’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 |