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New York


STATE REPORT: NYC HAS RECOVERED 99.4% OF PRIVATE SECTOR JOBS LOST DURING
PANDEMIC

Tourists wait to purchase tickets to Broadway shows at the TKTS booth in Times
Square in November 2021. Broadway, which makes up the largest amount of art
jobs, reopened in September 2021 but has been slow to come back to pre-pandemic
levels.  Credit: Getty Images/Alexi Rosenfeld

By Vera Chinesevera.chinese@newsday.com@VeraChineseMay 14, 2023

New York City has recovered almost all private sector jobs lost during the
COVID-19 pandemic, although the arts and leisure industries continue to lag 2019
levels, according to a state report released Friday.

The city’s private sector has regained 99.4% of all jobs it lost, a figure
bolstered by gains in industries like securities, transportation and
warehousing, according to an analysis from state Comptroller Thomas P. DiNapoli.
But only 85% of arts, entertainment and recreation jobs have returned, trailing
the national average of 96.4%. Tourism is still down 14.5% and retail is down
12.65%, according to the report.

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New York City has recovered almost all private sector jobs lost during the
COVID-19 pandemic, although the arts and leisure industries continue to lag 2019
levels, according to a state report released Friday.

The city’s private sector has regained 99.4% of all jobs it lost, a figure
bolstered by gains in industries like securities, transportation and
warehousing, according to an analysis from state Comptroller Thomas P. DiNapoli.
But only 85% of arts, entertainment and recreation jobs have returned, trailing
the national average of 96.4%. Tourism is still down 14.5% and retail is down
12.65%, according to the report.

Overall, DiNapoli said, the job recovery was “good news.”



“We are seeing strength in the securities, transportation and warehousing and
office sectors, but retail, restaurants, construction and tourism continue to
lag the national recovery,” DiNapoli said in a news release. “We need these
sectors, which employ hundreds of thousands of workers, to also regain their
full pre-pandemic strength to ensure the city’s economic recovery is more robust
and inclusive of all New Yorkers.”

Broadway, which makes up the largest share of arts jobs, reopened in September
2021 but has been slow to come back, the report said. Attendance exceeded
pre-pandemic levels in January 2023, but has otherwise been down.

As for retail, only 87% of New York City jobs have returned while the industry
has fully recovered in the rest of the nation. The city does not expect those
jobs to completely return until 2027, according to the city’s budget forecast.

John Rizzo, an economist and Stony Brook University professor, said it’s not
surprising that activities that require people to be in large crowds like
attending a Broadway show are down after a pandemic. Retail, however, will face
stronger headwinds largely due to a rise in online shopping and pandemic-related
changes in consumer habits.

“Broadway and tourism will pick up the slack. That will mend over time,” he
said. “Retail is a different story.”

The construction industry, which lost 46% of its jobs when the state paused
nonessential construction in 2020, was strong in 2022 but still down 8% from
pre-pandemic numbers. Construction is also suffering from high interest rates as
the Federal Reserve looks to combat inflation, the report states.

The financial securities sector, which shifted to remote work during the
pandemic, is the strongest listed in the report with 192,700 jobs in March 2023,
up from 181,000 in March 2019, a 6.46%  increase. Total profits, however, were
down to about $25.8 billion in 2022, a 55% drop from the previous year.



Office jobs are up 3.72% as employees continue to return to in-person work. Data
shows office occupancy at 60% on peak days like Tuesdays. But concerns remain
with the commercial office vacancy rate at 22%.

By Vera Chinese
vera.chinese@newsday.com@VeraChinese

Vera Chinese covers Suffolk County government and politics.





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