Metro Economic Outlook: New York City

Transcription

1 Metro Economic Outlook: New York City The New York City region s $1.5 trillion economy continues to generate jobs across several industries, due to its size and diversity. New programs have also been rolled out to get more people back to work and to attract high-tech employment. In New York City alone, private sector employment rose by 107,000 jobs in January 2016 compared with the previous year, according to data compiled by the New York City Economic Development Corp. (NYCEDC), a nonprofit which serves as New York City s primary engine for economic development and job growth. The service industry was responsible for most of the city s job growth at the start of Within that NEW YORK CITY METRO: VITAL STATS Total working age population: 12,377,461 out of a total population of 20,182,305 Number of households: 7,125,065 Consumer price index: (goods and services that cost $100 in cost $ in November 2016) Percentage of local residents with bachelor s degrees: 22.6 With graduate or professional degrees: 15.8 Workers in STEM industries: 21.7 per 1,000 residents Sources: Census Bureau (2015), Bureau of Labor Statistics (November 2016), American Institute for Economic Research (2015) Source: Bureau of Labor Statistics (November 2016) category, the professional and business services sector added the most new jobs, followed by the health and social assistance sector, when compared with Professional, scientific and technical services have also seen gains as of late. A record 58.3 million people visited the city in 2015, according to NYC & Company, the city s tourism agency. The organization has forecasted a new high of 59.7 million visitors in 2016, which would mark the seventh consecutive year for record-breaking tourism. Elsewhere, NYCEDC has advocated for the creation of a network of applied sciences research facilities in the city. Four development partners in higher education have been selected for the project, which will focus on academic research and commercialization of products stemming from engineering, computer science and other related fields of work. Unemployment and most CPI data updated monthly. Other data updated once annually as it becomes available.

2 When those campuses are complete, they are expected to generate $33 billion in economic activity and create 48,000 jobs over a 30-year period. The first such campus is slated to open in In 2015, New York City Mayor Bill de Blasio also announced a $150 million publicprivate partnership Source: Bureau of Labor Statistics (January 2016) to promote expansion of the city s life sciences sector. The funds Not all of the city s recent initiatives are geared toward will identify and invest in research generated by the white-collar employment. In March 2016, the city city s academic medical institutions and entrepreneurs, launched a $150 million public-private fund to provide according to NYCEDC. The life sciences sector financing for industrial real estate developments in the employs about 13,700 people in the city and has city. The fund is expected to promote the development grown about 15 percent since of 400,000 square feet of new or renovated industrial workspace in the city, supporting the creation of as many as 1,200 jobs by 2020, according to NYCEDC. Source: Census Bureau (2015) The New York metro region includes 12 counties in New York, 12 counties in New Jersey and one county in Pennsylvania. New York City typically boasts the most Fortune 500 companies among major cities, with 48 of those types of businesses currently headquartered there. Among them are financial interests like Citigroup, pharmaceutical company Pfizer and media giant Time Warner. Several other Fortune 500 companies are also based in the outskirts of New York City, including IBM and soft drink company PepsiCo. 2

3 Employee Benefits Data 3 25% 15% 5% Employers offering consumer-driven health plans 19% 24% Employers in the New York City metro area are more likely to offer consumer-driven health plans than the national rate, by a margin of 5 percent. Employers offering domestic partner benefits % They are also more likely to offer domestic partner benefits, by a margin of 7 percent above the national average. Source: SHRM Health Care Benchmarking Database (2016) Retirement Employee 401(k) participation rate % 61% The 401(k) participation rate in the New York City metro area s workforce is slightly lower than the national level, by a margin of 5 percent. Source: SHRM Retirement & Welfare Benefits Database (2016) 3

4 Income and Turnover Data 25% Overall turnover rate 15% 19% 14% The turnover rate in the New York City metro area s workforce is lower than the national average, by a margin of 5 percent. 5% Source: SHRM Human Capital Benchmarking Database (2016) $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Median household income $68,743 $56,516 Median household income in the New York City metro area is much higher than the national average, by more than $12,000 annually. Source: Census Bureau (2015) $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Per capita income $37,497 $29,979 Per capita income in the New York City area is also higher than the national level, by more than $7,000 annually. Source: Census Bureau (2015) 4

5 Top Management Salaries Data Median salaries, top management Top legal executive Chief information officer *Top HR executive Chief financial officer $443,500 $322,100 $340,000 $280,500 $305,000 $265,000 $300,000 $348,600 Median salaries for top management level employees in the New York City area vary when compared with national levels. *New York state median data Chief executive officer $590,000 $650,000 $0 $200,000 $400,000 $600,000 $800,000 Source: Willis Towers Watson Data Services 2016 Survey Report on Top Management Compensation Project lead: Project contributors: External contributors: Copy editing: Joseph Coombs, Senior Analyst, Workforce Trends, SHRM Shonna Waters, Ph.D., VP of Research New York City Economic Development Corp.; NYC & Company Katya Scanlan, copy editor This report is published by the Society for Human Resource Management (SHRM). All content is for informational purposes only and is not to be construed as a guaranteed outcome. SHRM cannot accept responsibility for any errors or omissions or any liability resulting from the use or misuse of any such information Society for Human Resource Management. All rights reserved. Printed in the United States of America. These materials and the data contained within them are copyrighted by SHRM, another copyright holder (where noted), or are government-owned. SHRM hereby grants permission for users to copy and use these materials and the data contained within them only if proper attribution is given to SHRM (or the noted copyright holder) as the source of the material. For more information, please contact: SHRM Research Department 1800 Duke Street, Alexandria, VA 22314, USA Phone: (703) Fax: (703) SHRMResearch@shrm.org Web: 5