Published on : Jan 29, 2015
According to a data released by U.S. Census Bureau, New York City lost about 32,357 manufacturing jobs and 1,054 manufacturing businesses between 2007 and 2012. This loss left the region with 5,572 manufacturing facilities. Massive decline were also seen in apparel making units were dropped to 970 from 1,289. As for the printing and other ancillary businesses the slump was registered at 656 from 841 and the other furniture and product related manufacturing dropped down to 425 from 528 from earlier.
U.S. Bureau of Labor Statistics reported the apparel manufacturing jobs plummeted to a figure of 16,500 in 2012 from 23,500 in 2007. However, New York City still retains its title as the fashion capital.
Martin Kohli, chief regional economist for the BLS stated that the city still have a huge number of fashion designers, but who now prefer to have their production overseas. The only area which showed slight optimism was food production as it went up to 912 from 895.
Kohli further added that these jobs are getting replaced by manufacturers producing frozen treats and mixing drinks. New York City’s economy is currently running on the restaurants, hospitality sector, and other finance related jobs. Though the manufacturing jobs are losing ground, the total number of jobs has gone up from 3.8 million in 2007 to 4.1 million in 2014.
The booming service sector is fueling growth which has created 245,100 job opportunities in 2012 up from 191,400 in 2007. The other sectors adding to the growing number of jobs are healthcare, computer programming, and academia.