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Significant Industries New York City

Significant Industries New York City

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Published by: sherafghan_97 on Sep 03, 2012
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www.labor.state.ny.us
 
 
Bureau of Labor Market InformationDivision of Research and Statistics
 The New York State Department of Labor is an Equal Opportunity Employer/Program. Auxiliary aids and services are available upon request to individuals with disabilities.
Significant Industries
 
A Report to the Workforce Development System
 
New York City
| 201
1
 
(1/2011)
Andrew M. Cuomo, Governor
Colleen C. Gardner, Commissioner
 
1
Preface
One of the major objectives of the workforce development system is to encourage localworkforce investment boards (LWIBs) to plan strategically and focus their resources in priorityindustries (and eventually on priority occupations within those industries).To assist in these efforts, the New York State Department of Labor’s Division of Research andStatistics decided to concentrate this report on industries identified as “significant industries.”Industries presented here are classified according to their North American IndustryClassification System (NAICS) code.This report lists significant industries based on various criteria. We hope the WorkforceInvestment Board, as well as others involved in the workforce system, may find it helpful inallocating their limited resources.Significant industries were identified on the basis of job counts, wage levels, job growth (bothnet and percent) over the 2006-2009 period, and expected job growth based on industryemployment projections through 2016. Priority industries that may have been designated assuch by economic development or workforce development officials were also considered.
New York City Industries
Twelve industries are designated as significant in this report. Ten of these industries managedto increase their employment levels between 2006 and 2009, despite the onset of a severerecession. In addition, 11 of these 12 industries are expected to grow faster than the overalleconomy through 2016. Collectively, these 12 industries account for about half the jobs in NewYork City.All significant industries shared one or more of the following characteristics: rapid growth(percentage basis); large growth (absolute basis); high wages (average weekly wage above theCity average of $1,421 in 2009); or strong expected growth through 2016. The specificreason(s) why each industry was designated as significant are presented in the last column of the first table.A broad-based set of industries were identified for this report. They cover eight major industrygroups: construction; trade; transportation and utilities; financial activities; professional andbusiness services; educational services; health care and social assistance; leisure andhospitality; and other services.
Industry Analysis
In the following analysis, industries are presented in ascending NAICS industry code order. Foradditional information regarding the NAICS industry classification system, visithttp://www.census.gov/epcd/naics07/.
 
2
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.

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