- Private sector jobs in New York City rose by 200 in December 2015 following November 2015 gains of 12,600 jobs.
- Government jobs in the city also rose, resulting in a net overall increase of 700 jobs between November and December 2015. Other Services had the largest month-to-month growth, adding 2,400 jobs, followed by Professional, Scientific, and Technical Services, which added 1,100 jobs.
- This was offset by a decline of 3,600 jobs in Wholesale and Retail Trade.
- Since December 2014, private sector employment has risen by 84,500 jobs, an increase of 2.3%. This compares to the national growth rate of 2.2%.
- New York City’s unemployment rate rose to 5%, up from 4.8% last month.
Real Estate and Construction
Manhattan Office Market
- Both the December 2015 Manhattan Class A Vacancy rate and average rents PSF held steady over from last month, at 8% and $79, respectively.
- While the direct vacancy rate was stable in Midtown and Midtown South, the Downtown rate decreased from 11.2% to 10.7% between November and December. Meanwhile,
- The average rents remained stable in all three major submarkets.
- The Manhattan sublease vacancy rate dropped slightly to 1.2% from 1.3% in November, with the associated rental rate increasing from $51 to $53 per square foot.
Source: Cushman and Wakefield
For the twelve months ending December 2015:
- The number of building projects (including new, additions, and alterations) that started construction in New York City was up 7.8% relative to the twelve month period ending December 2014. In addition, planned space for these projects was 83% higher than the same period in 2014, suggesting that building projects have become larger. The value associated with these projects was also up 70% over the period.
- Of the 7,282 building projects that began construction, 3,663 were residential building projects, representing a 14.6% increase from the twelve months ending in December 2014. These starts contained 50,971 units, up 97.1% from the preceding twelve months.
Transit, Travel, and Tourism
- Total ridership on MTA subways, trains, and buses in November 2015 was 222.2 million, up 1.8% from November 2014.
- While subway ridership in November 2015 was up 2.3% from November 2014 with 144.5 million riders, bus ridership was down 0.4% over the same period.
Source: Metropolitan Transportation Authority
Travel and Tourism
- In November 2015, 9.9 million passengers flew into and out of the region’s airports, an increase of 9.0% from November 2014.
- 3.2 million passengers traveled with international air carriers in November 2015, a 6.9% increase from November 2014.
- Domestic air carriers accounted for 6.9 million passengers, a 10.1% increase from November 2014.
Source: Port Authority of New York and New Jersey
Broadway Ticket Sales
- Total Broadway attendance was approximately 1,133,175 during the four weeks ending December 27, 2015, down 1.4% from the same period last year.
- Broadway revenues during this period were about $125.3 million, down by 5.5% from last year.
Source: The Broadway League
Note: Gross revenue and attendance figures may not include all shows
- In October 2015, the average daily hotel room rate was $361, a 0.3% decrease from October 2014.
- Hotel occupancy was 92.1% in October 2015, down slightly from 93.0% in October 2014.
- The average occupancy rate decreased the most in hotels charging over $500 per night, decreasing by 5.9% from October of last year.
Source: PKF Consulting