Special from New York State Comptroller Thomas DiNapoli
In 2023, full recovery of the significant job losses resulting from the COVID-19 pandemic had yet to be achieved at the state level and across the state’s economic regions. Recovery varied widely by sector; in some cases, job gains or losses accelerated what had been long-term changes. In 2023, New Yorkers worked in 926 different industries and 768 types of occupations. One Analysis of New York State employment sectors and occupational patterns indicates the following findings:
The health care and social assistance industry was the largest sector of employment statewide and in nearly every region in 2023. The sector has led the way in the state’s recovery, adding the greatest number of jobs, and now represents nearly one in five jobs statewide. However, wages in this sector — while they vary greatly by occupation — average $65,407, or 28.5% below the statewide average.
In 2023, of the 15 industry sectors, seven, including health care, had employment above 2019 levels; the remainder, particularly retail trade and leisure and hospitality industries, struggled through 2023 to regain jobs lost in 2020.
Employment in financial activities, which pays average annual wages more than double the state average, dropped from 9% of all jobs in 2000 to 7.8% in 2023. Similarly, employment in manufacturing, which comprised 8.8% of the total jobs in 2000, was over four percentage points lower in 2023.
Nine of the 15 sectors had average annual wages below the State average of $91,427 in 2023; these sectors comprised almost two-thirds of total jobs. The average annual wage increased 21.3% from 2019, exceeding the Mid-Atlantic inflation rate of 17% for this period. While all industries experienced double digit growth in wages from 2019 to 2023, the strongest growth was in industries that have made the weakest recovery. Factors that could be influencing such gains are minimum wage increases, labor shortages or…
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