ConstructionSkilled trades occupations comprise much of the employment within the
construction of buildings
(NAICS Industry 236) industry. Although construction is a highly cyclical industry, thelong-term outlook is strong. Recently, a variety of factors lowered demand for constructionwork, including heavy layoffs in the industries that use the most office space, tight creditmarkets and the completion of a large number of projects started during better economictimes. While the weakness should last into next year, there are some hopeful signs: both the job and credit markets are improving and several large universities have major expansion plans.Trade, Transportation and Utilities
Food and beverages stores
(NAICS Industry 445) is the second largest retail industry and hasenjoyed strong growth in recent years. Expansion by national chains -- Costco, Whole Foods,BJ’s Wholesale, etc. -- played a key role in the recent job gains. Unlike many industries in thissector, food and beverage stores generally perform well during economic downturns.Financial Activities
The securities, commodity contracts, and other financial investments industry
(NAICS Industry523) is a part of the broader financial activities supersector. Jobs in this industry are heavilyconcentrated geographically – 90 percent of jobs in
securities, commodity contracts, and other financial investments
are in New York City and most of the rest are located in the Long Islandand Hudson Valley regions.Although this industry is highly cyclical -- going through repeated boom and bust cycles -- it hasgrown over time. Currently, employment appears to be stabilizing after severe losses in 2008-2009. However, the real importance of this industry to the New York City economy is in its highwages. The weekly wage ($5,986) paid in the securities and commodity contracts industry ismore than four times the all-industry average ($1,421) for 2009.Professional and Business ServicesTwo industries from the professional and business services sector are on the significantindustries list. They are:
professional, scientific, and technical services
(NAICS Industry 541) and
administrative and support services
(NAICS Industry 561). Although there are markeddifferences among these industries, they share one common trait: they tend to sell to otherbusinesses rather than consumers. As a result, employment in these industries reacts veryquickly to changing economic trends and often leads shifts in the overall job market. Theoutlook for this sector has improved greatly in recent months, as a stronger than expectedbounce-back in corporate profits led to increased purchases of professional and supportservices.
Professional, scientific, and technical services
is the only significant industry that qualified basedon all four measures – it added jobs at a faster rate than the total for all industries between2006 and 2009, it is the City’s second largest industry, it is expected to grow faster than averagethrough 2016, and its average weekly wage is above the New York City average.