Main site for NYC: http://www.labor.state.ny.us/stats/nyc/index.shtm The bottom of the page has links to some very interesting stuff, including links to current employment stats by industry, unemployment history for the past 30+ years (with charts), and even a page that job seekers might find useful (the firm expansions & contractions). Besides being a possible tool for job seekers, the firm... [more]
Main site for NYC:
http://www.labor.state.ny.us/stats/nyc/index.shtm
The bottom of the page has links to some very interesting stuff, including links to current employment stats by industry, unemployment history for the past 30+ years (with charts), and even a page that job seekers might find useful (the firm expansions & contractions). Besides being a possible tool for job seekers, the firm expansions & contractions page might be useful for the oracles out there.
Let's see how long it'll take NYC unemployment to go below 8% again. NYC real estate does not seem to like the unemployment rate being over 8%.
If you find anything interesting in the data here, please share it with the rest of us.
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Response by Jazzman
almost 16 years ago
Posts: 781
Member since: Feb 2009
My theory is that employers want to be in NYC. That as office space gets cheaper new companies will move here and will need new/more employees. I think the unemployment rate in the City will improve faster than the country's unemployment rate.
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Response by West81st
almost 16 years ago
Posts: 5564
Member since: Jan 2008
Jazzman: You may be right, but in order for Manhattan to be attractive for employers, labor costs have to be competitive too. The employers most strongly influenced by lower rents will tend to be cost-conscious companies. Those companies do fill vacant space and create jobs, which is great. On the other hand, they may not create many jobs that enable people to buy (or even hold onto) $1MM condos.
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Response by 330e57
almost 16 years ago
Posts: 1
Member since: Oct 2009
West81st - What is the rough number of apartments sold above $1 MM annually for the past 6-7 years? If good jobs are created (and I think they are, although I also agree with you that they are not going to be able to afford the $1MM condo), shouldn't this help the "under-$1MM" market, which in turn should help those sellers who are trading up as well?
I am not suggesting a massive market change, just theorizing that there could be enough activity between:
less jobs lost than predicted (100,000)
new jobs created
hiring activity from firms that over-fired (see big banks)
a number of large financial service firms doing better than anticipated
that the expected losses in RE could be a little bit muted/blunted. Thoughts?
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My theory is that employers want to be in NYC. That as office space gets cheaper new companies will move here and will need new/more employees. I think the unemployment rate in the City will improve faster than the country's unemployment rate.
Jazzman: You may be right, but in order for Manhattan to be attractive for employers, labor costs have to be competitive too. The employers most strongly influenced by lower rents will tend to be cost-conscious companies. Those companies do fill vacant space and create jobs, which is great. On the other hand, they may not create many jobs that enable people to buy (or even hold onto) $1MM condos.
West81st - What is the rough number of apartments sold above $1 MM annually for the past 6-7 years? If good jobs are created (and I think they are, although I also agree with you that they are not going to be able to afford the $1MM condo), shouldn't this help the "under-$1MM" market, which in turn should help those sellers who are trading up as well?
I am not suggesting a massive market change, just theorizing that there could be enough activity between:
less jobs lost than predicted (100,000)
new jobs created
hiring activity from firms that over-fired (see big banks)
a number of large financial service firms doing better than anticipated
that the expected losses in RE could be a little bit muted/blunted. Thoughts?