NYC Subways feeling a bit more crowded than usual? Well, there might be a connection between increased mass transit riders and an increase in employed New Yorkers.
Much like the rest of the country, New York City experienced significant job losses during the Great Recession, and only now is its economy showing signs of a stable recovery. Unlike previous recoveries, this rebound is not dependent on Wall Street growth, but with diversified industries ranging from technology, hospitality, and food services. In the last five years, New York City alone generated 425,000 new jobs but less than 1% is attributed to the security industries.
These new job opportunities are also requiring new and diverse skillsets. And for those lacking competitive skills, training programs can help applicants apply for technology jobs in new NYC employers such as Google and Facebook. A more diversified recovery allows for stronger earning potentials for a broader population in the city.
These new wage earners are also spending more and contributing more to their local economies. In a dramatic change, the economy might see less extravagant wages and luxury expenses concentrated in the financial services, and more frequent purchases by middle class earners in their local neighborhoods.
One strong driver in job creation over the last five years has been the record numbers of tourists visiting New York City. Increased tourism directly lead to a boom in hotel construction and openings, and even new restaurants catering to foreign patrons. Another area for growth has been the refocus of technology from Silicon Valley on the west coast to Silicon Alley, a few blocks in the Flatiron district of Manhattan.
All combined, this incredible job growth is the fastest in the last 24 years and doesn’t seem to be slowing down. In addition to the food, hospitality, and technology, other industries are feeling the benefits as well including the local real estate market. A consequence, some may say, is the increase in real estate rentals that is rising faster than inflation.
But a stable recovery is good news for all New Yorkers and City Hall as well, who is expected to collect record tax collections. Third quarter of 2014 lead to a 9% increase in payroll taxes, the best third quarter ever.
As new business ideas start-up and existing business higher more to stay competitive, the need to employee screening services is expected to increase and ensure qualified applicants are hired for the right job. Occupational health providers such as Mobile Health provider 360 employee screening services including drug tests, background checks, physicals, and more.
