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New York & Tri-State  | 
CMBS 2.0 has fared better than deals that were originated during the GFC.

NYC’s Finance Sector Won’t Recover Until 2026

New York City’s finance industry won’t recover from the economic impact of the coronavirus pandemic until 2026, Bloomberg News reported, citing an analysis by Dallas-based software firm LaborIQ by ThinkWhy.

Year to date, the region has lost about 8% of its finance jobs from the employment peak of more than 800,000 last August. Although COVID-19 hasn’t been the sole culprit in the job losses, the lockdown stemming from the illness caused a domino effect for everything from rents to mortgage payments, Bloomberg reported.

LaborIQ, which uses 10 key economic indicators to rank U.S. employment markets, predicts that New York City’s employment level will be almost back to 2019 levels in six years. However, most industries will take years to rebound.

Employment in the leisure and hospitality sector, for example, is expected to reach only about 90% of its 2019 level by 2026.

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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 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).