Real estate sector loses NYC jobs in November

New York city posted real estate job losses in November.

Despite New York City adding 8,700 jobs in November, the real estate industry lost roughly 2,000 jobs during that time, according to independent economist Barbara Denham. But Denham told Commercial Observer she doesn't believe that drastic cut will have much of an impact.

Denham said that real estate can be a particularly difficult employment sector to track because of the abundance of independent residential firms and commercial real estate brokers.   

"I don't think the real estate losses are anything to worry about," Denham said. "It suggests that more and more borkers are probably doing their own thing." 

Finishing second for the most jobs lost during November was the security industry, which lost 1,200. Advertising and Public Relations lost 900 jobs in November. It should be noted the security sector recorded several months of job expansion and has a year-to-date gain of 1,100 jobs. Inversely, the real estate sector showed a year-to-date loss of 1,100 jobs.

"To me that's just the usual volatility in that industry… and I do think there are still a lot of firms downsizing," Denham said.

November employment expansion occurred the most in two categories: transportation and utilities; and arts, entertainment and recreation. Each category grew by 2,900 jobs in November. Health services added 2,600 jobs during that time, while educational services chipped in 2,500. Construction added 700 jobs during November.

"New York City continues to lead the country in terms of job growth, largely due to education, healthcare, restaurants and retail," Denham said. "New York is expanding its private education in contract to the rest of the country." 

Total number of jobs added in the Big Apple
The Commercial Observer reported, on a seasonally adjusted basis, that the total jobs in New York City reached 3,989,900 in November.

Will Holder, President of Trendmaker Homes in Houston, said employment rates and commercial and residential real estate go hand in hand.

"Three jobs equate to one new house start," Holder said.

Denham projected that figure could surpass 4 million sometime soon, though it's unlikely that 11,000 jobs will be added in December, as temporary retail jobs will likely disappear in January after the holiday rush. New York City has not employed more than 4 million people since the late 1960's, according to Commercial Observer.

"That's very significant," she said. "We employ more people than we have ever employed." 

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