Nearly one-third of city job gains come from real estate

TRD New York /
May.May 23, 2011 02:49 PM

The real estate industry powered another strong month for New York City employment figures, providing 2,000 of the 6,100 new jobs in April, according to an April employment report prepared by Eastern Consolidated. It was one of four industries that contributed at least 1,000 new jobs to the city, and has now gained 4,100 new jobs since the end of 2010. But it’s not all good news, as fewer people are being employed to build on that real estate. The construction industry lost 1,700 jobs in April, according to the report, following last week’s news from a separate report that construction employment has hit its lowest level in 13 years. All told, so far in 2011, the construction sector has lost 2,700 jobs. The hotel industry gained 1,200 jobs in April, which the report said is little surprise considering there are 30 new hotels that opened in New York City in 2010 alone. Overall, the city has added 71,300 jobs in the last 19 months, recovering more than half of all jobs lost during the recession. The gains are a positive indicator for the city’s residential real estate market. TRD

Related Articles

The Blakely Hotel at 136 West 55th Street and Richard Born (Credit: Google Maps, Richard Born by Studio Scrivo)

Blakely Hotel may shut down, lay off 54 workers

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

Renderings of 450 11th Avenue and 350 West 39th Street (Credit: DSM Design Group and Gene Kaufman Architect)

NYC’s strong hotel pipeline pushes down occupancy, revenue: report

Sam Chang and 150 West 48th Street (Credit: Google Maps)

Sam Chang lands $250M loan for Midtown hotel project

Alex Sapir and the NoMo Soho hotel at 9 Crosby Street (Credit: NoMo SoHo)

Sapir Corp.’s stock drops in Tel Aviv

181 Varick Street (Credit: Google Maps)

Claremont Companies buys Soho Marriott for $59M

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Heritage Equity Partners’ Toby Moskovits, Benefit Street Partners real estate managing director Micah Goodman, and the Williamsburg Hotel at 96 Wythe Avenue (Credit: Google Maps)

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default