Manhattan Job Market
Many journalists will tell you that the Manhattan job market is losing private sector jobs. There was a loss of 6% over 50 years. Wile there has been a percentage loss it is not something that is of major concern. You may ask how the Manhattan job market losing share is not a bad thing? Simply put what goes down in one area, may cause a rise in others.
While it is true the Manhattan job market is not the best it has been what we have found in that New York City has grown into a 5 borough economy. The growth in the job market has shifted to Queens, Bronx, Brooklyn and Staten Island.
All of the neighborhoods surrounding Manhattan have seen the job market rise over the last 50 years, so much so that the job numbers between the 4 boroughs and Manhattan are almost the same. Where Manhattans job market has shrunk it is still home to the worlds most lucrative jobs as well. Most of the jobs in the outer boroughs were those that support local population growth.
The worlds highest paying jobs and the largest job market, are still located in Manhattan as the job market
there will always attract the brightest minds around the world. Manhattan remains the regions epicenter for the New York economy but it also suffers heavy losses in economic downturns as financial and advertising falls off when times are slow, which causes a ripple effect in Manhattan home to some of the worlds largest financial institutions and largest advertising agencies.
The Manhattan job market has changed not only in the number of jobs but also the cultural diversity of the make up of the jobs. Shift have included the Hispanic community which has seen a continues growth in small business and jobs due to the small business growth.
Growing businesses over the past decades meant hotel chains opening Hotels Manhattan New York City, and business have grown, both which have taken over the locations that residents were living, moving them out to the out lying boroughs.
Due to this population shift there was bound to be a job shift as well. As humans we like to work closer to home and it at times makes sense to cut your commute if the money saved and time saved make it a financially sound decision as well.
It is safe to say that in the future job market percentage in Manhattan may shift but it will still be home to the best jobs. Have faith in the Manhattan job market, it has survived the worst financial times and come out stronger!