New York City Hits New Record Low Unemployment for Third Straight Month
4.0% unemployment rate is lowest since 1976
New York City added 321,300 private sector jobs since Mayor de Blasio took office
New York City Economic Development Corporation (NYCEDC) today announced that citywide unemployment dropped to a new record low of 4.0 percent in March 2017, the lowest rate since 1976, which is the earliest available unemployment data from the New York State Department of Labor (NYSDOL). The unemployment rate breaks the previous record of 4.3 percent in February 2017, and is down from 5.2 percent in March 2016, based on NYSDOL data. Citywide unemployment is down from 8.2 percent in December 2013, representing a 4.2 percent drop since Mayor de Blasio took office.
Based on a seasonally-adjusted analysis, New York City added over 6,000 private sector jobs in March 2017. New York City has added 321,300 private sector jobs since Mayor de Blasio took office.
The New York State Department of Labor (NYSDOL) releases employment data for New York City and State that it collects under a joint program with the Bureau of Labor Statistics. This information is subject to adjustment as more data becomes available.
“We are using every tool we have to get more New Yorkers into good, career-track jobs and to make sure growth reaches into every neighborhood," said Deputy Mayor for Housing and Economic Development Alicia Glen.
“New York City’s record low unemployment rate reflects this Administration’s commitment to raising the floor for all New Yorkers through access to good-paying jobs and opportunities to help them thrive," said NYCEDC President and CEO James Patchett. "That’s why we’re laser-focused on Mayor de Blasio’s pledge to create 100,000 quality jobs over the next ten years through strategic investments in high-growth industries.”
Mayor de Blasio has worked to make jobs and opportunities more accessible for more New Yorkers. Earlier this week, Mayor de Blasio welcomed the first three NYC Ferry vessels into New York Harbor. This new transportation system will connect New Yorkers in waterfront communities to job centers across the city. NYC Ferry will also provide 200 jobs, all of which will pay the City’s Living Wage or higher and provide comprehensive benefits.
Last month, NYCEDC announced that nearly $80 million in projects are being awarded to minority or women-owned construction management firms. NYCEDC also announced the roll out of the first cohort of prequalified M/WBE ConstructNYC contractors who will have exclusive access to bid on certain NYCEDC projects.
In his State of the City address, Mayor de Blasio committed to creating 100,000 good jobs in New York City over the next ten years, including 40,000 new jobs within four years. The de Blasio Administration is working to create good jobs for New Yorkers across the five boroughs by investing in emerging industries such as life sciences, advanced manufacturing, VR/AR, and fashion, film, and television, among others.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.