3 Cities to Watch
Source: U.S. Department of Labor
New York U.S.
Neil Pierson is editor of Scotsman Guide Commercial Edition.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
In the 12 months ending this past September, New York added 6,300
private-sector jobs, and the state’s unemployment rate dropped to
4.1 percent — the lowest level since June 1988, according to the New York
Department of Labor. The metro areas with the largest year-over-year
net employment gains as of this past August included Nassau-Suffolk
( 10,000 jobs added), Buffalo-Niagara Falls ( 6,800 jobs added) and
Orange-Rockland-Westchester ( 7,000 jobs added).
During the same time frame, the state added 45, 100 positions in
educational and health services; 19,700 jobs in leisure and hospitality;
and 14,700 jobs in construction. New York City’s unemployment rate of
4.2 percent as of this past second quarter was a record low, dating back
to 1976, according to the city’s comptroller. The Big Apple added more
than 13,000 jobs between April and June 2018, many of them in education,
health care, professional services and social services.
Focus: Financial services
Wall Street has a dominant influence on the global-financial markets.
It is home to the New York Stock Exchange, which includes more than
2,400 publicly traded companies. According to Empire State Development, the state’s educated workforce and low operating costs are attractive to a variety of companies. More than 9,800 insurance companies
are located in New York.
The state’s financial-activities sector — which includes banking, insurance,
real estate and securities — added more than 38,000 jobs from 2009 to
2017, according to the Office of the New York State Comptroller. About
723,000 New Yorkers were employed in financial activities as of August
2018, although the sector had annual employment growth of less than
1 percent for the fourth straight month, the U. S. Department of Labor said.
This city of about 143,000 people — the county seat of Onondaga
County and widely known for Syracuse University and its successful
athletic programs — has struggled economically in recent times. The
city ranked last in economic growth in a 2017 Brookings Institution
report on the nation’s 100 largest metros. Syracuse and the surrounding region were poised for improved job growth and wage growth
in 2018, however, especially if the pool of skilled laborers grows.
Onondaga County’s largest employers include Upstate University
Health System, Lockheed Martin and Time Warner Cable.
The state capital and home to 98,000 residents, Albany has a median
home price of $172,700 and a median household income of $42,335,
according to census figures. Heading into 2018, the economic outlook was mixed for Albany and the surrounding Capital Region, which
has a population of more than 850,000. Companies like Regeneron
Pharmaceuticals and Taconic Biosciences are thriving, although the
labor market may be constricted over the next 10 to 15 years as
retiring baby boomers are expected to outpace younger people
entering the workforce.
More than 200,000 people live in this city on the shores of Lake Ontario,
about 75 miles east of Buffalo. The median home price is $73,000 and
the cost of living is 18 percent below the national average, according
to Forbes. The construction industry has been booming of late, with
8. 5 percent year-over-year employment growth as of this past August,
according to labor statistics. The University of Rochester employs 29,000
people, with Rochester Regional Health and Wegmans Food Markets
each employing more than 13,000.
Sources: Brittanica.com, CBRE, Cushman & Wakefield, Democrat & Chronicle, Empire State
Development, Forbes, Gov. Andrew M. Cuomo’s Office, Nasdaq, New York Department
of Labor, New York Post, Office of the New York State Comptroller, Onondaga County,
Real Estate Board of New York, State of New York, Syracuse University, The Post-Standard,
Times-Union, U. S. Census Bureau, U. S. Department of Labor, U. S. News & World Report