Diverse Job Growth Contributes To Vibrant Economy In NYC

Mona Shah & Associates Global Blog

Diverse Job Growth Contributes To Vibrant Economy In NYC

February 20, 2015
By: Hassan Mokaddam

Over the past five years, New York City has experienced a job growth like no other city in the world. New York City has added over 425,000 jobs since the end of 2009, totaling employment to 4.1 million jobs. That is more than any five-year period the city has ever seen in the last half century. New York City has added three times as many jobs as it has lost during the recession. The reason for that is simple: industries are contributing to a more diversified job growth.

High-paying internet companies like Google and Facebook are adding jobs at a fast pace. Based on high demands, tech jobs in companies offer salaries that average around $85,619 a year, according to the Coalition for Queens. For the lower-paying businesses, many jobs in the city have been created that cater to tourists, such as hotels and restaurants. Data compiled by the New York State Department of Labor indicates that among the fastest-growing sectors are health services and places that serve food and drinks.

With almost every industry in the city adding jobs at a healthy pace, New York City’s economy continues to flourish.