3 Hot Industries in New York City
Why not study and learn in the heart of America's biggest job market? Between July 2016 and July 2017, New York added more jobs than any other major metro area in the country.1 And employment in NYC is expected to grow almost 15 percent between 2014 and 2024. That means more than 663,000 jobs in a huge range of career sectors are expected to become available during that time period.2 Clearly, there will be plenty of opportunities for talented professionals with the right training to make a contribution in this exciting and dynamic region.
Here are three industries showing strong signs of growth in New York City:
There's a building boom going on in NYC. Office construction in the city is at its highest level in 30 years, and schools and healthcare facilities are also expanding. In fact, the New York Building Congress expects spending on both residential and non-residential construction to reach $30.9 billion in 2019.3
Construction is one of the fastest-growing career sectors in New York, projected to grow almost 29 percent between 2014 and 2024. That means more than 37,000 new jobs for qualified tradespeople could open up during that time period.2
Here are some examples of construction-related occupations that are projected to see faster-than-average growth in NYC over the next few years. (Percentages indicate the rate of job growth between 2014 and 2024; earnings figures are median annual wages from 2017).2
- Elevator installers and repairers—32.8 percent / $89,820
- Electricians—32.3 percent / $84,670
- Brickmasons and blockmasons—30.5 percent / $75,520
- Plumbers, pipefitters, and steamfitters—27.8 percent / $76,410
- Sheet metal workers—25 percent / $71,610
New York has long been the center of the American theater industry, and television production in the area has been on the rise in recent years. More than 55 TV series were shot in NYC during the 2016-2017 season alone.4 The Big Apple also features a thriving independent film scene as well as the highest concentration of documentary productions in the country. 5
Looking ahead, the opportunities should be plentiful. The arts, entertainment, and recreation industries are expected to grow by more than 22 percent over the coming years. Have a look at the projected job growth for the following entertainment-related careers, along with their median annual salaries:2
- Theatrical makeup artists—23.5 percent / $80,470
- Audio and video equipment technicians—22.1 percent / $57,050
- Film and video editors—21.8 percent / $86,850
- Hairdressers, hairstylists, and cosmetologists—19.9 percent / $35,370
- Set and exhibit designers—15.5 percent / $67,770
3. Health Services
It's only natural that the country's largest city would require a huge number of health care professionals to take care of its residents. The population of NYC is both expanding and aging. In fact, by 2040, there are expected to be more than 1.4 million seniors in the region, many of whom will require extra help to stay healthy.6
That's a major reason why health care support occupations are expected to see a dramatic 35.7-percent increase between 2014 and 2024. Here is a sample of careers in this sector that should see significant job growth during that time:2
- Home health aides—49.1 percent / $24,260
- Physical therapist assistants—31.6 percent / $59,050
- Occupational therapy assistants—25.9 percent / $65,420
- Massage therapists—30.5 percent / $68,460
- Diagnostic medical sonographers—28.8 percent / $71,100
- Medical assistants—28 percent / $37,150
Advance Your Ambitions
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1 Bureau of Labor Statistics, U.S. Department of Labor, "New York Area Employment—July 2017," website last visited on March 1, 2018.
2 New York State Department of Labor, website last visited on March 1, 2018.
3 New York Building Congress, 2017-2019 New York City Construction Outlook, website last visited on March 1, 2018.
4 Mayor's Office of Media and Entertainment, "Mayor de Blasio Announces All-Time Record Number of Television Shows Shooting in New York City," website last visited on March 1, 2018.
5 Boston Consulting Group, The Media and Entertainment Industry in NYC: Trends and Recommendations for the Future, website last visited on March 1, 2018.
6 City of New York, New York City Population Projections by Age/Sex & Borough, 2010-2040, website last visited on March 1, 2018.