A new Colliers ABR report reminds us that it’s not the number of private-sector city jobs being lost, but the types of jobs.
The City Comptroller’s office last week estimated that over 165,000 private-sector jobs could disappear in the next 24 months. That’s a lot, no doubt. But during the early 1990s recession, private employers shed 309,600 jobs, according to Colliers. During the dot-com bust and the aftermath of September 11, the city lost over 217,000.
This time around, the job-loss amount may be smaller—but a lot of them will come from the city’s animating industries, including financial services, which is the city’s biggest leaser of prime office space and a general driver of job creation in other fields. read more »