New York Market Intelligence Report
Were New York a country, its GDP would position it 11th in the world, alongside South Korea and Canada. It tops the global financial centers index and boasts a GDP per capita of $102,587. New York has the largest population of any metropolitan area within the United States – and a talent pool of over 11 million. Job creation remains healthy post-pandemic and is in line with the US as a whole.
Nonetheless, New York’s labor market does have challenges to address. Wage inflation has
seen the average salary rise to $95,000, with many employers struggling to match the pace of
inflation within their compensation packages. This has led to higher turnover rates. Despite the average salary increasing, real estate prices continue to spiral. Data shows that median rent for a Manhattan studio is $2,850 a month – up by 28.4% since 2021. Eligible tenants must make $114,000 to pass New York City’s “40 times rent” rule.
This is one factor that has seen the city’s population shrink year-on-year since 2016. Last
year saw the greatest loss, with New York losing 328,000 people between July 2020 and July 2021 – the highest drop seen in any metropolitan area in the US. This has had a knock-on effect with labor supply. A paradox now exists where New York is creating a lot of jobs, but as demand
increases, the supply of talent continues to slowly shrink.
Download our New York Market Intelligence Report to access expert insights, including:
Banking and financial services hiring
Salaries and wage inflation
Talent migration to and from New York
And much more!