NYC construction, retail jobs on the rise

The New York State Department of Labor has released New York City’s preliminary employment data for March and the numbers are promising in the construction and retail sectors. The retail industry added 3,600 jobs, perhaps thanks to Daffy’s plan for expansion in the city, but also a reflection of a surge of optimism in the sector. Construction added 1,500 new jobs following two months of heavy losses but is still down 1,400 positions for the quarter.

In total, New York City created 5,500 new jobs in March, a similar number to February’s statistics which were revised upwards from their previously estimated 2,200 positions.

We could soon be seeing a surge in commercial banking jobs. Chase Home Lending predicts 2,000 to 3,000 new jobs stemming from the creation of a new unit to handle troubled mortgages. Some of these positions will likely be based in New York.

Among the biggest losers, the hotel sector is down 800 jobs as of March 31.

Meanwhile, improvement in job figures is having little impact on the office vacancy rate. As The Real Deal reported a few weeks ago, the Manhattan vacancy rate ticked up, even as employment in the professional sector rose at the fastest clip since 2000. TRD