Prior to the COVID-19 pandemic, employment throughout the region reached a historic high of 4.6 million jobs, with 1.5 million office-using employees. The widespread effects of the pandemic led to a lockdown, ultimately causing a sharp drop in economic activity. As a result, nearly 1.0 million jobs were lost. Unlike prior downturns, job growth returned rather quickly, with 886,600 jobs added since the trough, pushing total employment to 4.6 million jobs. Since then, total nonfarm employment has surpassed the previous peak by 3,600 jobs, while office-using employment gained 49,700 jobs, rising to an all-time high of 1.5 million workers.
New York City Employment Report: Q4 2022
Lori Albert • 1/18/2023
This report provides a snapshot of New York City’s labor market and underscores the recovery since the market bottomed in April 2020.
Authors
Insights in your Inbox
Subscribe to the latest local market research, insights and analysis from Cushman & Wakefield across the United States.
Subscribe
Related Insights
Research • Workplace
5 Key U.S. Labor Market Trends Impacting CRE
As the U.S. economy reemerges on the other side of the 2020 recession, the U.S. labor market remains an area of concern for occupiers, investors and the commercial real estate (CRE) industry. In our latest report we examine five key U.S. labor market trends impacting CRE.
Rebecca Rockey • 9/9/2021