Manhattan, New York, poised for economic growth

Jan 7, 2016 | Article

In the heart of New York City, Manhattan, finds itself in the midst of an economic boom, and it's only looking up from here.

In the heart of New York City, Manhattan, finds itself in the midst of an economic boom, and it's only looking up from here. The Alliance for Downtown New York recently released a report that highlights the city's steady growth and forecast for 40,000 potential new jobs between 2015 and 2019. The ADNY reported that eventually, the city will play a central role in economic activity and opportunity for every resident of New York.

"By 2014, the Lower Manhattan economy had really rebounded, but looking forward over the next five years, we're going to surge even further ahead," Downtown Alliance President Jessica Lappin said in the press release. "As our economy grows, it will benefit the entire city, each and every borough, each and every neighborhood, people from all walks of life and all educational backgrounds."

An inside look at Manhattan
Manhattan sits squarely in the middle of New York County, which boasts a population of 1.6 million, according to the United States Census Bureau. Since 2010 the area has experienced a 3.2 percent growth in population, ballooning to almost 70,000 people per square mile.

Manhattan is within walking distance of some of the most significant monuments in New York. Those who live there can enjoy daily walks in Central Park, marvel at the Museum of Modern Art, visit the Intrepid Sea, Air and Space museum and catch a baseball game at Yankee stadium. Employment opportunities, as ADNY pointed out, are abound for those of all different experiences and backgrounds.

Manhattan plays a key role in New York City's economic stability.

The workforce behind the growth
There are currently around 3.7 million people employed in New York City, according to New York's Department of Labor. The city has enjoyed a 2.6 percent employment growth rate in 2015 with opportunities open across almost every sector. What's even more encouraging is the numbers for those residing in the city. New York is notorious for people commuting to work, rather than living in the city. Currently 112,800 people live and work in New York City. This figure has seen a 2.9 percent growth rate throughout 2015, according to the NYDOL.

Education and health services saw the most growth in the city in 2015, with over 31,200 new jobs being added in that sector. Education is important for those with families looking to move to New York to live and work there, and the city takes that aspect of life seriously.

Business and professional services, and the leisure and hospitality sector both reflected substantial gains, with 17,900 and 14,700 jobs added in each sector, respectively. The financial activities sector followed suit, chipping in 9,500 jobs for the economy, which serves as proof that New York's financial district, one of the most lauded in the world, is still experiencing gains. Trade, transportation and utilities rounded out the heavy-gainers by adding 9,800 jobs to their sector.

Laura Colby, Division Director of Beacon Hill Associates in New York City, has taken note of the palpable economic surge. "Working in recruiting in NYC since 2003, this is the most competitive job market I have seen," she says. "Candidates are receiving multiple job offers, counter offers to stay with their current employers, and a record number of temporary to permanent conversions – all are signs of a good economy and employment rate."

New York City has bounced back consistently well after the economy crashed in 2008, and the ADNY report that forecasts 40,000 new jobs to be added by 2019 is encouraging. The sights and sounds of the city are enough to make anyone want to live there, and now it seems as though opportunities will be there too.

This content is brought to you by the Marketing Team at Beacon Hill Staffing Group.

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