New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Transportation, Warehousing Sector Leads NYC in Jobs Recovery
New York City’s transportation and warehousing sector regained 82% of its pandemic job losses as of April, trailing the nation, but faring better than the city’s private sector as a whole (73%), said State Comptroller Thomas DiNapoli. The sector’s relatively strong job gains over the past two years were fueled by increased demand for moving goods rather than people during the pandemic.
“The pandemic turned this sector upside down, and the jobs recovery reflects the significant changes in consumer behavior during the pandemic,” DiNapoli said. He added that the city, with state and federal help, “should continue working to build a sustainable freight and passenger network to help boost wages and employment.”
The sector recovered most of the 40,000 jobs lost in 2020 last year. Barring new economic disruptions to passenger travel or the global supply chain, it’s expected to fully recover its pandemic losses by year’s end, DiNapoli reported.
- ◦Economy
