New York City private sector jobs fell by 11,400 in October, following September losses of 3,900
The unemployment growth rate rose to 5.9%, from 5.8% in September
Public sector jobs in the city increased by 100, resulting in overall losses of 11,300 payroll jobs between September and October 2016
The highest losses occurred in the in the Accommodation and Food Services sector, which saw declines of 4,500 jobs from the previous month. This is a large portion of the total job losses and an unusually large drop from month-to-month. Over the past twelve months, however, Accommodation and Food Services have added 10,600 jobs, the second highest of any sector
Arts, Entertainment, and Recreation and Other Services also saw relatively high job losses from last month, falling by 2,400 and 1,900 jobs, respectively
Professional and Business Services saw significant job growth in October adding 4,500 jobs, making up for underperformances earlier in the year. Administrative Services and Health Care and Social Assistance also saw strong growth, adding 1,100 and 1,000 jobs, respectively
Since Citi Bike’s launch in May 2013, the program’s popularity has climbed steadily, and the prominence of Citi Bike stations across the City is evidence of its success. Over 1.65 million rides were registered on 9,823 bicycles in September 2016, which is the most in the program’s history and a 27.8% increase from the previous year. By comparison, 5,444 bikes were used for 1.03 million rides in September 2013. While ridership continues to grow rapidly, the bike’s average monthly use has steadily fallen from 190 rides per bike in the month of September 2013 to 168 rides per bike in September 2016.1
Citi Bike is designed to increase bicycle access for both New Yorkers and visitors, but annual subscribers—a vast majority of whom are New York City residents—take 86.6% of Citi Bike rides. Customers buying one- or three-day passes take the remaining 13.4%. This ratio has been steady since the inception of the program, as has the average fifteen-minute trip time. Ridership patterns illustrate that the Citi Bike tends to serve as more of a utility for those living in the city than as an attraction for tourists. As such, bike rides during the week spike during the regular commuting hours of 7-9:00am and 5-7:00pm while weekend ridership is much lower.
There is a false assumption that because Citi Bike is a tool for commuting, bikes would naturally cycle back to stations at the same rate they leave. This is not the case, however, and Citi Bike stations need to be continuously rebalanced. In September, Penn Station was the most imbalanced station with more than 2,700 departures than returns. The largest net senders of Citi Bikes were in Midtown Manhattan and the Upper West Side, while Citi Bike docks in Downtown Manhattan and Brooklyn were more likely to receive customers than send them off.
Although it’s not the primary use of Citi Bike, sightseeing is a significant draw for the program. Of the thirty most popular bike routes, roughly half appear to be related to leisure. Several routes are seen going up the Hudson River Greenway on the West Side of Manhattan, as well as around Central Park and Governors Island.
Gender dynamics is an interesting metric to explore as well. Of those riders who reported their gender to Citi Bike in September, nearly three quarters (73.8%) are men. The ratio of men to women is the widest among older riders and hits a low of about two men for every one woman for riders in their early 20s. On average, female riders are slightly younger than their male counterparts, with a median birth year of 1983 compared with 1981 for men.
1All data is publicly available from Citi Bike at www.citibikenyc.com/system-data
The Manhattan Class A office market remained relatively steady for October 2016. The direct vacancy rate and direct rental rate were relatively unchanged from last month, at 8.6% and $81, respectively
Office rents have risen by 4.1% from last year, with much of this growth attributable to elevated subleasing activity. Sublease rental rates rose to $62 from $59 in September
Midtown South remains the priciest and fastest-rising Manhattan submarket with rents up 14.6% from October 2015. Meanwhile, prices in Downtown have fallen by 1.2% from last year
For the twelve months ending August 2016:
The number of construction projects rose by 10.4%. This growth was led by non-residential projects, which increased 14%. The only type of project to decline was that of non-building infrastructure projects, which fell by 6.2% between August 2015 and August 2016. This type of project, however, only represented 5.1% of all construction project types during this time period
Total ridership on MTA New York City subways and buses in September 2016 was 203.3 million, a 0.8% increase from September 2015. While bus ridership was virtually unchanged, subway ridership rose 1.1% from last year, reaching 148.4 million
In September 2016, 11.3 million passengers flew into and out of the New York City region’s airports, an increase of 9.8% from September 2015
This increase was driven by domestic flights, which carried 7.3 million passengers on 79,892 flights in September 2016. These are increases of 12.6% and 6.1%, respectively, from the same month in 2015
Freight transport also increased at regional airports, rising 6.7% from September 2015. This increase was led by domestic freight, which grew 10.5% from last month
Broadway Ticket Sales
In October 2016, Broadway ticket revenues totaled $126.7 million, a 3.3% increase from the same period in 2015.
Rising ticket prices, which reached $104.34 on average from $101.11 a year prior, drove revenue increases. Attendance held steady from last year at 1.2 million.
In August 2016, the average daily hotel room rate was $249, a 4.4% decrease from August 2015; this is the fifth consecutive month of year-over-year price decreases.