New York & Tri-State + Downtown New York + Finance | January 6, 2023

New York City job growth has continued for the past 10 months, although the rate of hiring is slowing, reported the NYC Economic Development Corporation

NYC Labor Market “Continues to Heal” Yet Job Growth is Slowing

New York City’s labor market “continues to heal” as the private sector has added jobs for 10 consecutive months and more New Yorkers are rejoining the labor force, according to the latest economic snapshot from the New York City Economic Development Corporation (NYCEDC). However, the report notes that job growth is slowing and job posting activity is declining, “both suggesting that some companies may be slowing hiring activity.”

New business formation in NYC continues to surge, NYCEDC says. More than 32,000 businesses, or one in nine of all businesses in the city, have started in the past year.

While Manhattan office vacancy is higher compared to citywide levels, “real estate metrics are not at crisis levels and return-to-office indicators showed strength in December despite potential seasonal holiday effects,” the report states. Recovery in the tourism sector continues to be a bright spot, according to NYCEDC.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).