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Employment Trends NYS 2013

Employment Trends NYS 2013

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Published by jodato
Tom DiNapoli's study of job creation in NY.
Tom DiNapoli's study of job creation in NY.

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Published by: jodato on Aug 23, 2013
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12/26/2013

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Employment Trends inNew York State
August 2013
OFFICE OF THE NEW YORK STATE COMPTROLLER
Thomas P. DiNapoli • State Comptroller 
Executive Summary
New York State’s economy, like that of the nation, has taken a roller coaster ride since the start of the 21st century. The national recession of 2001 and its aftermath hit the Empire State with joblosses proportionally larger than those in most states. Following more than five years of steady recovery from the 2001 downturn, New York was again hit hard by the Great Recession – losing more than 300,000 jobs in 2008 and 2009.For a five year period beginning in 2007, before the Great Recession, and continuing through 2011,the Empire State’s employment performance outpaced the nation’s. Private sector job trends in theState were more favorable than the national average – with New York showing stronger gains orsmaller losses – for five consecutive years, from 2007 through 2011. The State has not previously seen such a sequence of above-average employment results in the 74 years since the federalgovernment began its current series of statistics on employment in the states. After more than threeyears of gains, New York’s job count is above its pre-recession level – while the nation as a wholeremains below its pre-recession peak.New York’s relatively strong employment performance during andafter the Great Recession is likely related, in part, to differences inregional housing markets. Compared to some other states, New  York experienced smaller gains in housing values during the yearsleading up to the recession – and avoided the collapse in residentialconstruction that followed in many regions. The State has continued to benefit from steady job growth in 2012and the first half of 2013 – but the national economy is once againoutpacing New York, as it has done during most of the post-World War II era. Overall private-sector employment rose 1.5 percent in theState during the year ending in June 2013, compared to 2.1 percentnationwide. In the past year, New York failed to match the nationalgrowth rate in major sectors including manufacturing, professionalservices, financial activities, and trade/transportation/utilities, butoutperformed the nation in education and health services.
The information in thisreport is intended to providea broad framework fordiscussion both of New York’seconomy and of the State’sefforts to help stimulateeconomic growth andencourage the creation of thejobs New Yorkers need.
 
Employment Trends in New York State
2
Other key findings of this report, which examines employment and other economicindicators, include:
•OverthefiveyearsendinginDecember2012,NewYorkperformedmeasurablybetterthanthenation
in major employment sectors including construction, information, professional services, and leisureand hospitality. Sectors where the State proportionally lost more jobs or gained fewer than the nationduring the period included government, and mining and logging.
•NewYorklostnearly100,000manufacturingjobsfrom2007through2012,adeclineof16.9
percent that compared to a national average loss of 14.1 percent. For the year ending in June 2013,manufacturing employment rose modestly across the nation as a whole but declined further in New 
 York,withayear-over-yeardropof3.6percent.•PercapitapersonalincomeinNewYorkhaslongbeenhigherthanthenationalaverage,andthe
State’s advantage on this measure has increased in the past decade. As of 2012, New York’s per capita
personalincomewas$52,095,or22percentabovetheU.S.averageof$42,693.•ThefinanceandinsurancesectorremainsthemostimportantsinglecontributortoNewYorkState’s
overall economic output, representing 15.9 percent of State gross domestic product in 2011 – aproportion more than double its share of employment.
•InternationalimmigrationremainsabrightspotfortheEmpireState’seconomy.Overthepast
decade, New York gained more than 1 million residents from other countries. The State’s totalpopulation rose by barely a quarter of the nation’s pace over the decade ending in 2011, and New 
 YorkwouldhaveseenitsCensuscountdeclinebymorethan680,000overtheperiodifnotfor
immigration from outside the United States. Both New York City and Upstate New York gaineconomically from international migration.
•Ithaca,GlensFallsandtheCapitalRegionhaveseenrelativelyhighprivateemploymentgrowth,
compared to the rest of the State, over the last two decades. New York City and Long Island alsosaw private-sector job gains of more than 10 percent over the period, while most other upstateregions experienced either modest gains or employment losses. All regions except Ithaca saw privateemployment grow more slowly than the national average over the period.
•Overthefiveyearsthrough2012,mostmetropolitanareasbothdownstateandupstateoutperformed
the nation’s employment trends. However, the Binghamton, Kingston, Syracuse and Utica-Romeregions saw job losses around the same rate as or larger than the national average during the period.Employment counts, average income and measures of output and population are all important indicators,but they are not the only ways to assess changes in the economy. As with the nation as a whole, every regionof New York State remains challenged to generate adequate numbers of well-paying, secure jobs for workersat varied levels of skill and experience. The information in this report is intended to provide a broadframework for discussion both of New York’s economy and of the State’s efforts to help stimulate economicgrowth and encourage the creation of the jobs New Yorkers need.
 
3
Ofce o the State Comptroller
New York Employment Compared with the United States
Employment Trends
New York, like the nation as a whole, has experienced two largedrops in private sector employmentsince 2000 (Figure 1). The firstbegan in 2001 and lasted through2003. The second, associated withthe Great Recession, began in 2008and bottomed out in 2009. There is a significant differencebetween these two periods of employment decline in terms of New York’s relationship to the
nationasawhole.Duringthe
2001-03 period, New York saw ameasurably larger proportional lossin employment when compared withthe U.S. In sharp contrast, during the 2008-09 period, the situation was reversed as the U.S. suffered agreater proportional loss, dropping from a greater height to a lowerdepth than New York. The table in Figure 2 breaks the employment data down into two discrete five-year periods – from 2002 to2007 and from 2007 to 2012 – for each of the major sectors that constitute overall employment. The detaileddata confirm that while the U.S. outperformed New York in the earlier period, New York has been ahead of the nation in recent years. New York added private sector jobs at a rate of 1.5 percent in the five years through2012 while employment declined by 3.1 percent nationally.New York’s employment performance over the 2007-2012 period was better than that of the nation intrade, transportation and utilities, the largest sector of private employment, as well as in the key sectors of construction, information, professional services, and leisure and hospitality. Meanwhile, government andmanufacturing employment declined more swiftly in New York than in the nation as a whole. Both thenation and New York enjoyed increases in employment in the education and health sector, and in leisure andhospitality, during each of the two five-year periods.
l _ l
102,000104,000106,000108,000110,000112,000114,000116,000118,0006,6006,8007,0007,2007,4007,6002000 2003 2006 2009 2012New York U.S.
New YorkU.S.
Change in New York State and U.S. Private Sector Employment,
2000-2012
Employment fgures in thousands
Source: U.S. Bureau of Labor Statistics, seasonally adjusted monthly data
Figure 1

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