New York City has recovered more than 99% of the private sector jobs lost during the pandemic, according to a new report from New York State Comptroller Thomas DiNapoli.
Since the pandemic, the comptroller's office has monitored several key industries vital to New York City's economic success, including the arts, restaurant, retail, tourism, construction, securities, and office sectors. Of those industries, the restaurant sector has recovered the most jobs, 96%, while the office sector, which includes real estate, has recovered the fewest jobs at 4% of pre-pandemic levels.
"Workers continue to return to the office, with the latest data showing an office occupancy rate of nearly 60% on peak days such as Tuesdays. However, concerns over commercial office space linger as vacancy rates remained at 22.2% in the first quarter of 2023," the report states.
“The city’s job recovery is good news,” DiNapoli said. “We are seeing strength in the securities, transportation and warehousing, and office sectors, but retail, restaurants, construction, and tourism continue to lag the national recovery. We need these sectors, which employ hundreds of thousands of workers, to also regain their full pre-pandemic strength to ensure the city’s economic recovery is more robust and inclusive of all New Yorkers.”