Industry Spotlight: New York City

Jun 16, 2016 | Article

New York City is the place where every tourist wants to go, but job seekers are now starting to take notice as well.

New York City is the place where dreams are made of, if you ask Alicia Keys. It's the place where every tourist wants to go, but job seekers are now starting to take notice as well.

Gone are the days where Wall Street reigns supreme in the city. Though finance is still an excellent option for anyone looking to work in the Big Apple, it's not the only one. Numerous industries and middle-income jobs have flourished in recent years, and here are just a few of them.

A (Big) Apple a Day: Education and health services
Out of the 10.2 million people who work in New York City, roughly 1.9 million of them find employment in the education and health sector, according to the Bureau of Labor Statistics. Since April 2015, the industry has grown by 3.1 percent - a healthy gain for such a large market.

Specifically, the growth in the health market is particularly noteworthy. Large pharmaceutical manufacturers like Pfizer have headquarters in the city, and the number of competitive pharmaceutical schools in the area create a formidable pipeline.

New York City is home to a number of great job opportunities.

According to the Center for Urban Future, this industry is labeled as "high-growth" when it comes to the amount of new jobs being classified as middle-income.

New York, New Work: Professional and business services
Since 2010, New York City has added 530,000 new jobs, according to Forbes. Professional and business services is helping to lead the way, with 22 percent growth since that time, the source reported.

"I see professional and business services growing due to increased regulations," says Jason DiLorenzo, Senior Consultant at Beacon Hill Financial in New York. "Due to increased scrutiny by regulators as well as new rules, companies need to be in compliance or face large fines. Since the financial crises, I've seen whole disciplines and specializations spring up to handle these new challenges."

In the last year alone, the industry that employs nearly 1.5 million has grown about 1.7 percent. With the numerous consulting and professional services firms that have settled down over the years, it's clear why this sector continues to see exponential growth.

A (Double) Tree Grows in Brooklyn: Leisure and hospitality services
The final sector on this list has grown a massive 29 percent since 2010, according to Forbes. In the past year alone it has averaged 2.4 percent growth, the BLS reported. Hospitality hiring is up across the nation, and New York City is no different.

"We have consistent growth with new business in 2016 in large part to our outreach efforts and client company referrals, many of which are start-up organizations with headquarters or new offices being established in NYC," says Laura Colby, Division Director at Beacon Hill Associates in New York City. "It has been exciting to see hiring moving in an upward trajectory, mirroring the patterns of growth we have observed in the city overall related to new development and construction – among other sectors."

The Big Apple is a large city with a number of opportunities for workers in all areas. The amount of jobs added to the economy since 2010 and the revelation of a number of "high-growth" middle-income industries over the past year makes it an easy choice for any job seeker that wants to scope out the bright lights of the big city.

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