Recovery of NYC’s Private Sector Jobs Uneven Across Sectors
Although recovery of overall private sector jobs across New York City is approaching pre-pandemic levels, it is unevenly improving across key industries according to the recently released results of an analysis by the New York State Comptroller’s Office. Leading the way is the office sector, which includes the information, financial and real estate, and professional and business services industries. The office sector regained pandemic job losses by January 2022 and as of March 2023 exceeded the 2019 pre-pandemic level by almost 4%. However, office occupancy remains uneven, reaching nearly 60% on Tuesday from April 20 to April 26,2023, in contrast to the 24.2% occupancy on Friday during the same period. The securities sector did not experience a notable drop in employment at the onset of the pandemic due to the ability of employees to shift to remote work, and currently has surpassed 2019 job numbers by 6.4%. However, profits in 2022 were 55.8% less than the prior year. Among the other key industries, some continue to lag behind the national recovery rate such as the restaurant sector which reached a recovery of 95.5% after losing 73% of jobs at the height of the pandemic; the retail sector recovered 95.5% of jobs lost, after seeing a drop in jobs of 33% between March and April 2020; and the art, entertainment and recreation sector, which recovered about 85% of pre-pandemic jobs.