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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