PDF Metro Economic Outlook: NYC - SHRM Online

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 2016. 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: 265.203 (goods and services that cost $100 in 1982-1984 cost $265.20 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: U.S. Census Bureau (2015), U.S. Bureau of Labor Statistics (November 2016), American Institute for Economic Research (2015)

Source: U.S. 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 2015. 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.

Last updated on 1/1/2017 Unemployment and most CPI data updated monthly. Other data updated once annually as it becomes available.

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 2017.

In 2015, New York

City Mayor Bill de

Blasio also

announced a $150

million publicprivate partnership

Source: U.S. 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 2013.

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: U.S. 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.

Last updated on 1/1/2017 2

Employee Benefits Data

Employers offering consumer-driven health plans

30% 25% 20%

19%

24%

15%

10%

5%

0% U.S.

New York Metro

Employers offering domestic partner benefits

70% 60% 50% 40% 30% 20% 10%

0%

50% U.S.

57% New York Metro

Source: SHRM Health Care Benchmarking Database (2016)

Retirement

Employee 401(k) participation rate

80% 70% 60% 50% 40% 30% 20% 10%

0%

66% U.S.

61% New York Metro

Source: SHRM Retirement & Welfare Benefits Database (2016)

Last updated on 1/1/2017

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.

They are also more likely to offer domestic partner benefits, by a margin of 7 percent above the national average.

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.

3

Income and Turnover Data

Overall turnover rate

25%

20%

19%

15%

14%

10%

5%

0% U.S.

New York Metro

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

$56,516

$68,743

U.S.

New York Metro

Source: U.S. Census Bureau (2015)

$40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000

$5,000 $0

Per capita income

$29,979

$37,497

U.S.

New York Metro

Source: U.S. Census Bureau (2015)

Last updated on 1/1/2017

The turnover rate in the New York City metro area's workforce is lower than the national average, by a margin of 5 percent.

Median household income in the New York City metro area is much higher than the national average, by more than $12,000 annually.

Per capita income in the New York City area is also higher than the national level, by more than $7,000 annually.

4

Top Management Salaries Data

Median salaries, top management

Top legal executive Chief information officer

*Top HR executive Chief financial officer Chief executive officer

$0

$443,500 $322,100

$340,000 $280,500

$305,000 $265,000

$300,000 $348,600

$200,000 $400,000 New York Metro U.S.

$590,000 $650,000

$600,000 $800,000

Median salaries for top management level employees in the New York City area vary when compared with national levels.

*New York state median data

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

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Last updated on 1/1/2017 5

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