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Indicators Point to Positive Trend in NYC Labor Force, Tourism

September 19, 2006

New York City was forever changed by the events that took place on September 11, 2001. While the pain of its tragic loss will never disappear, the City has shown a remarkable resilience and notable strength in its labor force and tourism industry.

But current population figures, according to the U.S. Census through the 2005 American Community Survey, show that New York City’s total population decreased only slightly (less than one percentage point) over the first half of the decade.

And labor force numbers are up - 62 percent of the population 16 and over employed in 2005, compared to only 57.8 percent in 2000.

The current labor market in New York City is healthy, with 58,000 jobs added to the private sector between July 2005 and July 2006, a growth rate of 1.6 percent, according to the New York City Office of Management and Budget. This growth rate exceeds the national average for the fifth time in the first six months of 2006.

Tourism is also strong, reaching record levels in each of the past several years. The number of visitors to New York City increased from 36.2 million visitors in 2000 to 42.6 million visitors in 2005, according to the city’s official tourism bureau, NYC & Company.

Better yet, tourists are spending money during their stay in the Big Apple. In 2005, direct visitor spending was $22.billion, up roughly $5 billion over the past five years. NYC & Company reports that in 2005, visitor spending generated over $5 billion in taxes, resulting in an average of $541 in tax savings for each household in New York City.

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