Back in March, Mayor Eric Adams celebrated record New York City employment.
At first glance, there’s much to be pleased about.
In 2023, New York City’s private employment stood at a record, surpassing the 2019 pre-pandemic peak.
Total employment, which includes government, also set a record, even though the city has recently shed payroll employees, compared with levels under Adams’ predecessor, Bill de Blasio.
But a deeper look at changes in private employment from 2019 to 2023 raises some disquieting questions.
As I note in a recent brief [link] for the Manhattan Institute, there’s good news, for sure.
Wall Street is doing well, and tech services are growing fast, adding high-paying jobs.
That job growth will help sustain the demand for office space, despite the lingering work-from-homers.
Continue reading the entire piece here at the New York Post
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Eric Kober is an adjunct fellow at the Manhattan Institute. He retired in 2017 as director of housing, economic and infrastructure planning at the New York City Department of City Planning. Follow him on Twitter here. Based on a recent issue brief.
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