New York City has traditionally been well anchored in the industries of finance, insurance and banking; however the terrorist attacks on the city some four years ago had a profound effect on the thriving city’s economy.
New York City Employment – Economic Outlook
Despite the dismal economic reports following the 9/11 attacks, recent reports indicate that New York City is beginning to rebound; although at a slow rate and outside the parameters of once strong industries.
The information industry is reflecting strong growth in New York City, as are jobs in sound-recording studios and employment in motion picture production. While the latter may seem incongruous with the traditional strong industries in NYC, the city let the motion picture industry prior to its transfer to California in the first part of the 20th century.
Construction jobs are also continuing to rise, supported by public works projects.
Redevelopment in the Lower Manhattan area is anticipated to continue the drive in the construction industry for several more years; as reconstruction in Manhattan is deemed as critical regaining many of the economic losses tied to both tourism and finance.
New York City Employment – Major Employers
Major employers in the New York City area include Columbia University and Merrill Lynch, each employing more than 15,000 people. Mount Sinai Medical Center employs 13,000 people while Morgan Stanley Children’s Hospital employs more than 8,000. With more than 25 major academic research and medical centers and some 175 hospitals, research centers and laboratories making their home in New York City, several other medical centers in New York City also lead the city’s largest employers.
Although the City of New York is comprised of five boroughs, nearly 2/3 of the city’s jobs are found in Manhattan. American Express provides employment for some 6,000 people while Fortune Magazine and JP Morgan Chase and Co. provide employment for approximately 5,000 people each.
More Fortune 500 companies make their home in the Big Apple, than any other city in the US, along with many other major corporations. Fortune 500 companies headquartered in New York City include Time Warner, American International Group, Pfizer, Bristol-Myers Squibb, and Sony Music Entertainment. Other companies, although not Fortune 500 ranked, headquartered in New York include Merrill Lynch, Revlon, Viacom, Avon, MetLife, American Express and Colgate-Palmolive.
New York City Employment – Career Prospects
New York City developed a strong economy due to its harbor, a natural port. International shipping and manufacturing naturally developed as an extension of the presence of the New York Harbor.
In recent years, however; New York City has been known as the center of international finance, and among the world’s most important global cities.
The Financial District in Lower Manhattan provides the stimulus for this reputation with financial markets such as NASDQ, American Stock Exchange, New York Mercantile Exchange and the New York Stock Exchange based in the city.
New York Facts
Within just a few months of the attacks, NYC had lost more than 143,000 jobs; most of them tied to finance and banking, with more expected to come.
There were also significant losses in the areas of tourism and transportation; particularly at Kennedy and La Guardia airports.