Over the past decade, New York City has experienced a period of strong economic growth driving an increase in jobs, commercial investment, and unprecedented demand to live and work in the five boroughs.
As a result of this economic expansion our commercial real estate market continues to thrive and poised for success for the remainder of 2019 and beyond despite a spate of recent headlines.
The latest data released by the New York State Labor Department shows that the private sector grew by over two percent year-over-year from 2018-19, adding 84,200 jobs through the end of August 2019. These figures—which include the fact that seven industry sectors added jobs—are above comparable rates at both the state and national level.
The data, when coupled with unemployment that remains low, demonstrate that the job market and private sector remain as strong as ever.