One month ago, observers were worried that the federal government shutdown could halt job growth in Manhattan and hit commercial real estate hard.
But newly released job data show that it takes a lot more to derail New York’s recovery — much to the relief of landlords and brokers.
Seasonally adjusted, New York City added 8,400 jobs in October after losing 4,800 in September. Since October 2012, the city’s job count has grown by 85,100.
Barbara Denham, until last week Eastern Consolidated’s chief economist, calculated these seasonally adjusted figures based on the New York State labor department’s recently published monthly job data.
New York City once again outpaced the national job market, as it has for the past three years.
The city’s year-over-year job growth —a more useful measure for the market’s medium-term direction — reached 2.2 percent, compared to 1.4 percent nationwide.
Since October 2010, the number of jobs in New York City has grown by 6.7 percent, well ahead of a U.S.-wide growth of 4.9 percent.
The strongest sectors over the past two months were health services, which added 4,300 jobs, and securities, which added 3,600. The latter is particularly good news for Manhattan’s office market, according to Denham.
“Securities has been lagging in this recovery,” she said. “So as long as the picture is looking brighter for securities, firms may start to look to add more space.”
But although progress is noticeable, the recovery still has a long way to go.
New York City’s unemployment rate rose from 8.6 percent in September to 8.7 percent in October — due to more jobseekers entering the labor market. Moreover, Denham pointed out that much of the job growth in recent years simply filled up “shadow space” previously left unused since the recession.
“All in all, the job growth for office-based employees has been slow outside of tech and advertising,” she said. “It will take more acceleration in finance and professional services to see significant jump in demand for space and we have not seen that acceleration yet. Moreover, new space is being built — so new supply is probably absorbing any additions to new demand.” взять деньги в долг на карту
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