- 52,834 more businesses
- 998,318 more employees
- 39.8% increase in total wages
- $13,043 in additional annual wages per employee
- 22.2% increase in wages per employee
Since 2009, the number of businesses in New York has grown by 9.3% (0.2% less than the national average of 9.5%). Employment in New York has grown by 14.5% (0.0% greater than the national average of 14.4%). Wages have grown by 22.2% since the end of the Great Recession. This wage growth is 0.4% less than the national average of 22.5%
The average weekly wage in New York of $1,382 is 29.9% above the national average of $1,064. The gap between the national average has widened from 30.3% a widening of 0.4% since the end of the recession.
The Retail trade sector has the most businesses in the state of New York . Since the end of the recession, the number of businesses has grown from 73,284 to 76,991, a gain of 5.1%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||53,561||42,441||26.2%|
|Real estate and rental||35,369||33,980||4.1%|
|Finance and insurance||29,957||30,001||-0.1%|
|Transport and warehousing||12,686||11,817||7.4%|
|Arts and entertainment||12,605||11,321||11.3%|
|Agriculture and forestry||2,651||2,391||10.9%|
|Mining and oil extraction||372||389||-4.4%|
There was some shifting around in the sectors where businesses were created or closed/consolidated since 2009. Several sectors have fewer businesses than in 2009 with Wholesale trade declining by 4.3% and Manufacturing declining by 8.8% combining for a reduction of 3300 businesses. There were several sectors that experienced a lot of expansion. There are 4 sectors that experienced business growth in excess of 25% since 2009; Accommodation and food services increased by 26.2%, Waste services by 26%, Educational services by 26.2% and Utilities which grew by 39%. The Accommodation/Food sector added over 11,100 businesses since the recession.
The Healthcare sector employs the most workers in the state of New York . The number of jobs has increased 19.2% since the end of the recession from 1,258,273 to 1,500,292. The table below illustrates the change in employment in each sector:
|Accommodation and food services||774,288||570,175||35.8%|
|Finance and insurance||509,829||496,597||2.7%|
|Transport and warehousing||249,663||219,188||13.9%|
|Real estate and rental||199,167||179,043||11.2%|
|Arts and entertainment||170,256||139,254||22.3%|
|Agriculture and forestry||26,454||22,640||16.8%|
|Mining and oil extraction||4,380||4,761||-8.0%|
As mentioned above, employment in the the Healthcare sector added almost 250,000 jobs since 2009. The sector with the highest job growth percentage since the recession is the Accommodation and food services sector, growing by 35.8% adding over 200,000 jobs [this sector has the lowest weekly wages, see below]. The Manufacturing sector lost 6.4% of its job, a total of 30,000 jobs.
The sector with the highest wages is the Finance and insurance sector at $4,530. Prior to the recession, the sector’s average weekly wage was $3,342. This is an increase of $1,188 per week or 35.5%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$4,530||$3,342||35.5%|
|Real estate and rental||$1,381||$1,006||37.3%|
|Mining and oil extraction||$1,263||$1,071||17.9%|
|Arts and entertainment||$1,040||$852||22.1%|
|Transport and warehousing||$979||$816||20.0%|
|Agriculture and forestry||$676||$543||24.5%|
|Accommodation and food services||$531||$411||29.2%|
While the wage growth in New York didn’t quite keep up with the national average of 22.5%, wages are still well above this average. Several sectors increased wages in excess of 30% since the recession with Real estate and rental growing the most at 37.3% followed by Information at 35.8% and Finance and insurance at 35.5%. The sector with the most employees, Healthcare, had the slowest wage growth rates in the state at 13.0%.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Computer systems design and related services which has grown 29.0%. The top industry that has contracted the most is Offices of physicians which has contracted by 5.4% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Offices of physicians||16,337||17,276||-5.4%|
|Residential building construction||15,525||14,642||6.0%|
|Computer systems design and related services||14,100||10,931||29.0%|
|Lessors of residential buildings||13,641||13,803||-1.2%|
|Offices of lawyers||13,246||12,958||2.2%|
|Hair, nail, and skin care services||11,417||9,022||26.5%|
|Management consulting services||10,775||9,443||14.1%|
|Accounting and bookkeeping services||9,388||8,315||12.9%|
|Wholesale trade agents and brokers||9,368||8,868||5.6%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Home health care services which has grown 96.7%. The industry that has lost the most employees is Nursing care facilities, skilled nursing which has contracted by 5.8% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||347,879||325,278||6.9%|
|Home health care services||204,764||104,103||96.7%|
|Colleges and universities||185,912||162,845||14.2%|
|Supermarkets and other grocery stores||168,299||155,750||8.1%|
|Offices of physicians||161,943||144,236||12.3%|
|Services for the elderly and disabled||148,150||121,335||22.1%|
|Management of companies and enterprises||143,604||130,636||9.9%|
|Nursing care facilities, skilled nursing||122,137||129,676||-5.8%|
|Offices of lawyers||117,585||116,924||0.6%|
|Computer systems design and related services||111,492||76,696||45.4%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Lessors of other real estate property which has grown 430.8%. The average weekly wage in the Open-end investment funds industry has grown by 39.1% since the recession. This is the industry with the lowest change in wages amonth the top industries in New York . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Investment banking and securities dealing||$7,296||$6,110||19.4%|
|Lessors of other real estate property||$5,743||$1,082||430.8%|
|Commodity contracts dealing||$5,337||$4,886||9.2%|
|Securities and commodity exchanges||$4,898||$3,033||61.5%|
|Open-end investment funds||$4,825||$7,927||-39.1%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 706 to 844, which is an increase of 19.5%.
The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 85,770 to 93,574, which is an increase of 9.1%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||411,782||372,863||10.4%|
|More Than 1,000 Employees||519||439||18.2%|
The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 950,648 to 1,210,787, which is an increase of 27.4%.
The smallest percentage change in the number of employees has been in businesses with 5 to 9 employees. The number of employees with this number of employees has grown from 558,348 to 610,282, which is an increase of 9.3%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||612,293||553,980||10.5%|
|More Than 1,000 Employees||1,210,787||950,648||27.4%|
The biggest percentage change in the average weekly wage has been in businesses with 250 to 499 employees. The average weekly wage in companies this size has grown from $1,485 to $1,961, which is an increase of 32.1%.
The smallest percentage change in the average weekly wage has been in businesses with 1,000 or more employees. The average weekly wage in companies this size has grown from $2,547 to $2,856, which is an increase of 12.1%
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$978||$779||25.5%|
|More Than 1,000 Employees||$2,856||$2,547||12.1%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.