Recruiters in the city found quite a few changes occurring during the first quarter of this year. As of the end of quarter, New York City found a higher portion of its working-age population employed than ever before. With 57% of this population in the workforce, not only are more jobs available, but more people may be actively looking to move into better positions. Recruiters may find some of their best selections among those already employed, as this statistic appears to be continuing to climb.
It’s In the Numbers
Below are some statistics that reflect the growth of New York City’s private sector so far in 2015:
The 10 year average for monthly employment gain in March is 5,000 for the leisure and hospitality industry. However, a prolonged winter and cold March left the city with only 3,200 jobs gained in this sector.
As of the end of first quarter, the city’s overall private sector grew at 3% compared to 2014’s first quarter. This growth was better than both state and national averages.
The number of the city’s residents who were employed increased by 2.8% since last year.
Where Recruiting May Be Headed Next
As AM New York reported after quarter end, the city’s tech industry is starting to see a large boom. In fact, the city saw a 22% increase in funding applications at the beginning of the year, according to AM (www.amny.com). This increase actually placed the state, as a whole, ahead of California for new companies looking for investment. Among the services in the industry, internet web services and consumer product and services were the most popular. This could mean that later in the year, as these companies receive funding, more technologically oriented jobs could be open.
New York State also recently did a redesign for their Medicaid program, resulting in billions of dollars saved in the industry, according to laborpress.org. This was a milestone for the lowest amount spent per participant in the past decade. This money is expected to be reinvested in the health care industry, which could potentially create a multitude of new openings in the healthcare fields.
In addition, The South Brooklyn Marine Terminal that has remained unused will soon be another working maritime port facility. The project, according to laborpress.org, will be bringing in transportation jobs, careers in community development and other opportunities such as those in infrastructure. As a major import facility for the nation, much of the cargo that once was forced to dock in New Jersey or elsewhere will now be able to dock in New York City. This will also likely lead to increased revenue elsewhere such as the hospitality industry.
Overall, the city continues to see unprecedented job growth in several areas, and it doesn’t show signs of stopping. As the growth continues and more new startups are funded, recruiters will find themselves with many more positions to fill in the coming months.
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