- Private sector jobs in New York City rose by 35,400 in January 2016, after a gain of 200 jobs in December 2015.
- Government jobs in the city fell by 300, resulting in a net overall increase of 35,100 total private and public sector jobs in January.
- Since January 2015, private sector employment has risen by 107,000 jobs, or 3.0%.
- New York City’s unemployment rate was 5.3% in January, up from 5.2% one month prior, but down from 6.3% in January 2015.
- Small businesses, defined as establishments with less than 500 workers, employed 1.7 million people in Q4 of 2014, representing 48.2% of the NYC labor force.
- Of the 1.7 million small business jobs in NYC, 40% were in firms that employed between 0-19 individuals (~698,000) (See Figure I). The largest share of businesses this size were in the Accommodation and Food Services industry (13.5%), with a near majority of these establishments located in Manhattan. The Retail Trade sector accounted for 13.3% of employment for businesses with 0-19 employees, with a nearly equal number of businesses located in Brooklyn and Manhattan.
- Post-recession job growth has been strong for small businesses. Businesses with 20-49 employees experienced a growth of 15.3% between 2009 and 2014 and establishments with 0-19 employees grew by 13.8% during this time. Businesses with 250-499 experienced the weakest growth between 2009 and 2014 (5.9%) (See Figure II).
- In NYC 211,048 individuals were self-employed at their own incorporated business in 2014. Nearly 97,000 of these were owned by individuals born outside the United States. While foreign-born individuals comprised 33.3% of the NYC population in 2014, they owned 45.8% of these incorporated businesses. This suggests immigrants start businesses at higher rates than natives in NYC. The largest share of foreign-born small business owners came from China (8.6%), followed by Korea (7.6%), India (7.5%), Dominican Republic (5.2%), Jamaica (3.4%), Russia (3.2%), Italy (3.2%), Ecuador (2.9%), Israel (2.5%), and Greece (2.3%).
- The percent of small businesses owned by women grew from 27.1% in 2005 to 30.7% in 2014 (See Figure III). This rate was comparable between native and foreign born female businesses owners (31.6% female ownership versus 29.6%, respectively). The female share of ownership varies by country of origin, with rates ranging from 16.7% (Italy) to 44.8% (Dominican Republic) (See Figure IV).
1As defined by those who live or work in NYC.
Real Estate and Construction
Manhattan Office Market
- In February 2016, the Manhattan Class A direct vacancy rate rose to 8.4% from 8.3% one month prior, while the average rental rate fell from $81 to $80 during this same time.
- The Midtown South Class A sublease vacancy rate fell from 0.9% in January to 0.2% in February, while the direct vacancy rate held steady at 3.1%.
- The Downtown Class A direct rental rate rose to $65 PSF in February 2016—up from $64 PSF one month prior.
Source: Cushman and Wakefield
For the twelve months ending January 2016:
- Building projects (including new, additions, and alterations) that started construction in NYC rose by 13.9% while infrastructure (non-building) project starts were down 11.6% from the twelve months ending January 2015.
- The total value of construction projects grew by 56.7%, reaching over $42 billion from the twelve months ending in January 2015 with a corresponding growth by 94.1% in square footage. Nonresidential buildings experienced the strongest growth in project values since January 2015 (79.1%).
- Of the 7,497 building projects that began construction, 3,490 were residential projects, representing a 21.7% increase from the twelve months ending in January 2015. These starts contained 53,625 units, up 11.3% from the preceding twelve months.
Transit, Travel, and Tourism
- Total ridership on MTA subways, trains, and buses in December 2015 was 231.0 billion, a 0.2% increase from December 2014.
- Subway ridership in December 2015 was 150.8 million, up 0.4% from December 2014.
Source: Metropolitan Transportation Authority
- In December 2015, 10.5 million passengers flew into and out of the region’s airports, representing an increase of 4.0% from December 2014.
- Domestic air carriers account for 65.9% of these flights, with 6.9 million passengers, a 4.5% increase from December 2014 and resulting in over 80 million total passengers throughout 2015.
- The region’s airports transported a total of 192,867 tons of freight in December 2015, nearly 60% of which was from international flights.
Source: Port Authority of New York and New Jersey
Broadway Ticket Sales
- Total Broadway attendance was 1,129,475 during the five weeks ending January 31, 2016 and 945,818 for the four weeks ending February 28, 2016. While January sales attendance was up 7.6% from January 2015, February attendance was up over 18% from February of last year.
- Broadway revenues in January were up 4.2% from last year at this time, reaching $135.2 million. February Broadway revenues were $90.7 million, which represented a 9.2% increase from February 2015.
Note: Gross revenue and attendance figures may not include all shows
Source: The Broadway League
- In December 2015, the average daily hotel room rate was $322 a 5.5% decrease from December 2014.
- Hotel occupancy was 89.0% in December 2015, down from 90.2% in December 2014.
- The average daily hotel room rate decreased the most in hotels charging between $300 and $375 per night.