Job Growth in NY Under National Trends

For the first time in six years, national job growth rates have exceeded those in New York State, according to a new report on economic trends released by New York State’s Comptroller Thomas P. DiNapoli. “The good news, he says, is that New York’s job count has increased above its pre-recession levels,”  “The bad news is that, over the past year, the state has fallen short of the national growth rate in several major employment sectors. New York, like much of the nation, is still struggling to generate the well-paying, secure jobs that workers at various skill levels and experience need and deserve.” New York added 110,000 jobs between June 2012 and 2013. But over the same period, national job growth rates exceeded New York’s in nearly every major employment sector – professional services; leisure and hospitality; trade, transportation and utilities; financial activities; and mining, logging and construction.

New York outperformed the nation in education and health job growth, government jobs decreased in the state by 1.1 percent. The state’s job growth rate, however, declined to 1.8 percent in 2012 from 2.1 percent in 2011. The national rate of growth increased to 2.2 percent from 1.8 percent during that time frame.

The report also found that From 2007 through 2012, New York experienced notable job losses in manufacturing, construction, financial activities, information services and government; While goods producing jobs declined in New York by nearly 15 percent from 2007 through 2012, the nationwide decrease was even higher at 17 percent;

The financial services sector – which consists of both the finance/insurance activities sector and the real estate/rental activities sector – makes up 9.5 percent of total jobs in the state but contributes more than 27 percent of New York’s economic output; and By 2012, New York’s population had increased 2.4 percent over the past decade, primarily driven by international immigration.