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Report: NYC Lags in Adding Higher-Wage Jobs, Housing Units
Although post-pandemic New York City employment exceeds pre-pandemic levels, the growth has been concentrated in lower-wage sectors, according to a report prepared for the Association for a Better New York (ABNY) and the New York City Employment and Training Commission. Sun Belt metro areas are outpacing the New York metro in adding higher-wage jobs.
Titled Making Growth Matter: The Trends Shaping New York City’s Future of Work and prepared by HR&A Advisors, the report finds that New York is creating jobs nearly twice as fast as housing units are being built, increasing affordability pressures and making it harder for workers and families to remain in the city. It also finds that one-third of New Yorkers are earning less in real terms than they did pre-pandemic.
“This report makes clear we need to focus on growing and attracting good-paying jobs for New Yorkers, find ways to reduce the cost of living here, and ensure that opportunity is expanded across every neighborhood,” said Steven Rubenstein, ABNY chair. He called on the public and private sectors to focus together on finding solutions.
- ◦Development
- ◦Economy
