Employment declines in finance, government, manufacturing sectors
For the first time in six years, national job growth rates have exceeded those in New York state, according to a new report on economic trends released by New York State Comptroller Thomas P. DiNapoli.
"The good news is that New York's job count has increased above its pre-recession levels," DiNapoli said. "The bad news is that, over the past year, we have fallen short of the national growth rate in several major employment sectors. New York, like much of the nation, is still struggling to generate the well-paying, secure jobs that workers at various skill levels and experience need and deserve."
DiNapoli's report noted that New York added 110,000 jobs between June 2012 and 2013.
But over the same period, national job growth rates exceeded New York's in nearly every major employment sector - professional services; leisure and hospitality; trade, transportation and utilities; financial activities; and mining, logging and construction.
New York outperformed the nation in education and health job growth, but government jobs decreased in the state by 1.1 percent. The state's job growth rate, however, declined to 1.8 percent in 2012 from 2.1 percent in 2011. The national rate of growth increased to 2.2 percent from 1.8 percent during that time frame.
In each year from 2007 through 2011, private sector job trends were more favorable in New York than nationwide, partly because of sharp housing-market declines in some other areas. Private sector jobs in New York rose during this period by 1.5 percent while employment nationally declined by 3.1 percent. And New York retains a significant advantage in personal income per capita, at $52,095 in 2012 compared to a national average of $42,693.
Regionally, the state's employment picture remains uneven. Private employment has increased in New York City, the Ithaca region, the Capital District and the Buffalo-Niagara region. Regions including Binghamton, Kingston, Utica, Syracuse and Elmira, meanwhile, experienced sizable declines in private sector employment.
The report also found:
•From 2007 through 2012, New York experienced notable job losses in manufacturing, construction, financial activities, information services and government;
•While goods-producing jobs declined in New York by nearly 15 percent from 2007 through 2012, the nationwide decrease was even higher at 17 percent;
•The financial services sector - which consists of both the finance/insurance activities sector and the real estate/rental activities sector - makes up 9.5 percent of total jobs in the state, but contributes more than 27 percent of New York's economic output; and
•By 2012, New York's population increased 2.4 percent over the past decade, primarily driven by international immigration.
For a copy of the report, visit: http://www.osc.state.ny.us/reports/economic/employment_trends_nys_2013.pdf.
For access to state and local government spending and more than 60,000 state contracts, visit http://www.openbooknewyork.com/. The easy-to-use website was created by DiNapoli to promote openness in government and provide taxpayers with better access to the financial workings of government.