The labour market in New York
If you are moving to the US to live and work in New York, you must be very excited. New York is one of the most exciting cities in the world, offering many professional opportunities — and lots to do after work. If you are planning to look for a job in New York, it's a good idea first to get an overview of the city's labor market.
Here's a brief introduction to the current labor situation in New York.
The American economy successfully recovered after the stock market crash of 2008. The economic growth picked up again, and in early 2019 in New York, the unemployment rate was not higher than 4%. Of course, the effects of the COVID-19 pandemic have since made themselves known — making the unemployment rate in the city climb to 8.9% in 2021. However, things are now moving in the other direction, with employment currently sitting at 5.4% as of August 2023 and all signs pointing to strong economic recovery.
New York is one of the world's best destinations regarding opportunity. It's a city of dreams, ambition, and hard work. If you are considering moving to New York for work, here are some helpful details about the city's labor market.
What is the job market in New York like?
According to the Labor Statistics of New York, the most dynamic sectors are education and health services, construction, commerce, information, leisure and hotels, and financial activities.
All of these industries generate thousands of new jobs every year.
Recruiting sectors in New York
Finance
New York is one of the central banking and financial centers in the world, with Wall Street located on the southern edge of Manhattan, the heart of American finance.
New York's financial services sector is very well developed, with both customers and talent supporting the industry. Around 8% of the city's population is employed in the financial sector, contributing over 20% of the Gross City Product. All told, there are over 330,000 financial services workers in New York.
Home to two of the world's largest stock exchanges, the New York Stock Exchange and NASDAQ, New York is one of the top places to be if you are looking for a career in finance.
If you work in the finance sector in France or Europe, one of the easiest ways to get a job at a bank in New York is to make a mutation request: BNP Paribas, Crédit Agricole, and Crédit Suisse have branches in New York. This is also valid if you work in an international bank.
Tourism and real estate
With over 61 million tourists projected to visit the city in 2023, it's not surprising that tourism is a big industry in New York. Before the COVID pandemic, tourism gave New Yorkers over 280,000 jobs, accounting for over 7% of total private sector employment. According to official resources, tourism also generated over $46 billion in annual spending.
However, the tourism sector was one of the most heavily affected by the pandemic, resulting in the loss of thousands of jobs. With that, the industry is currently in its revival stage, with numbers going up steadily. However, city tourism officials don't project the industry to teach pre-pandemic levels until 2025.
New York also boasts some of the most expensive real estate in the world. This includes both residential estate in Manhattan and skyscraper office space in some of the most recognizable buildings in the world. Consequently, there are many jobs in the city for experienced real estate agents — although competition is very high.
Luxury
Luxury is a growing field in New York, and that applies to all sectors: fashion, furniture, and beauty, amongst others. Again, many prestigious French brands hire Francophones, namely Chanel, Louis Vuitton, or, for luxury furniture, Ligne Roset. Office jobs are usually abundant, although there are internship opportunities in stores.
Creative industries
In addition to being one of the world's leading financial centers, New York is also the media capital of the US. It's a publishing hub and home to some of the world's most popular newspapers and magazines. It is also the center of music, television, and advertising. Thus, the city's media workforce counts hundreds of thousands of professionals.
Design, architecture, and fashion are also important employers, offering close to 300,000 jobs.
Education
The city's higher education sector is another big player in the employment market. There are over 110 educational establishments in the city, more than 160 academic institutions, and close to 1,400 cultural centers. There are a myriad of opportunities for expat professionals in the teaching sector.
Green technologies
The city's high concentration of educational establishments has brought several bioscience companies to New York. This, in turn, has led to the rapid development of the high-tech sector — including green technologies.
Following the global push to increase climate change awareness, the city's administration has implemented over 30 initiatives to bring green businesses to New York. Thus, if you are an expert in this or in related fields, your chances of landing a good position in the city are quite high.
Communication
Communication and the event industry are the two other thriving sectors in New York. The perk of communication is that there are many types of structures and fields. As a foreigner, yet again, you are more likely to obtain a working visa in a big company, having the necessary budget to pay for the immigration fees. It is important to know that in New York, the communication sector employs a lot of interns. If you are a communication student, inquire at your school.
Catering
Everywhere in the world, expatriates, in general, are easily employed in the catering and food industry. However, note that to obtain a working visa in this field, several years of experience are required. No single New York restaurant will provide a visa to someone who is not in the business or has never worked in a prestigious establishment for the simple reason that visas are costly, and the restaurants can also employ Americans as waiters or cooks for much cheaper.
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