Private sector employment in New York City rose by 65,200, or 2.0 percent, to 3,251,200 for the 12-month period ending February 2012. Job growth occurred in professional and business services (+30,300), leisure and hospitality (+15,300), trade, transportation and utilities (+11,900), financial activities (+8,000). Job losses were centered in natural resources, mining and construction (-3,300) and manufacturing (-2,300).
Historically the FIRE sector, which is comprised of finance, insurance, and real estate sectors, has been the most vital to the New York City employment. In February 2012, these sectors showed mild growth from the previous month and February 2011.
Financial activities jobs in February 2012 totaled 442,200, an increase of 1.8% from February 2011’s totals and 0.1% from last month’s total. Real estate employment totaled 107,900, 1.1% greater than February 2011 and a 0.5% increase from last month.
The hospitality and leisure sector in NYC increased employment to 339,800 jobs, an increase of almost 2% from January 2012 and a 4.7% increase from the same month last year. This sector has performed particularly well despite the recession due to New York’s appeal as a tourist destination and the addition of new hotels to the market.
The February data also showed that 101,600 people were employed in natural resources, mining and construction in NYC during the month. This was a decrease of 0.8% from last month and a 3.1% decline from February 2011.