Employment & Unemployment 2011
Queens Unemployment Versus NYC, NYS & U.S.
March 11, 2011 / Queens Business / Queens Buzz. Continued / If needed use the search function above to find the report introduction.
Queens Employment / Unemployment Statistics
The Queens unemployment rate as of February 2011 was 8.3% which is down one full percentage point versus February of 2010.
In full year 2010 the Queens unemployment rate was 8.5% versus 8.6% in full year 2009. Queens unemployment rate hit a high of 9.4% in October 2009.
Queens [8.3% unemployment] is currently faring better than the nation and NYC, as the national unemployment rate in February was 8.9% [March just came in at 8.8%] and the unemployment rate for NYC in February was 9.2%.
According to William C. Dudley, president of the New York Federal Reserve Bank, Queens diversified economy has helped it weather the economic downturn better than other parts of the country. He noted the drop from peak to trough for Queens was in the neighborhood of 3%, versus 4.5% for NYC and 7% for the nation as a whole.
NYC Employment / Unemployment Statistics
The NYC [New York City] unemployment rate was 9.2% in February which is down a full percent versus the unemployment rate of 10.2% in February of 2010 [see chart to your left].
In full year 2010 the unemployment rate was 9.5% versus 9.3% in full year 2009. NYC unemployment hit a high of 10.4% in January of 2010.
It's worth noting that New York City currently has a higher rate of unemployment versus the nation, while Queens has a significantly better rate of unemployment versus the nation.
The number of nonfarm employed in NYC in 2010 was 3,624,900; which was up 5% or 171,000 than in the year 2000. In Queens the number of nonfarm employed for 2010 was 1,044,000; which was up 3.6% or 36,000 versus the year 2000. Employment growth has significant implication on the vitality of any community. And implications for the accuracy of the census.
NYS Employment / Unemployment Statistics
The NYS [New York State] unemployment rate was 8.7% in February of 2011 which is down versus the 9.5% unemployment in February of 2010.
The unemployment rate in New York State for full year 2010 was 8.6% which was up slightly [0.2%] versus full year 2009 when the unemployment rate was 8.4%.
Queens Employment Sectors - Transportation
The largest single category of employment in Queens is transportation. According to William C. Dudley of the NY Federal Reserve Bank, the transportation category employs about 12% of the labor force in Queens. The transportation sector includes air, rail, public and private transportation services. It’s worth noting that what’s driving Queens transportation sector is that the borough is home to two of the nation’s and world’s busiest airports: JFK International Airport and LaGuardia Airport. For all of NYC, transportation employment represents 3% of the employment. See employment categories in the chart to your left. You may also view a larger copy of this slide in the slide show below or in the photo album connected to this report [largest view].
Queens - Health, Education and Social Services
Three segments of the Queens economy - health, education and social services - have been combined into one economic category. These three segments together employ about 23% of the Queens labor force and include: 1) hospitals; doctors, dentists, and clinics; 2) public and private education [private education is 3% of the total], and 3) social services such as caring for the elderly.
NYC Employment Categories For Comparison & Perspective
While we couldn't find apples to apples categories for comparison with Queens in 2011, we were able to obtain some information from another source about NYC employment as a whole in 2008. The chart to your left shows the break out, but a more readable one is included in the slide show and photo album [best] below.
For New York City as a whole, healthcare represents about 15% of the economy, and educational services represent about 4% of the economy [likely private education & educational services]. The NYC Government is also a major provider of education and social services, as well as many other services, and represents 15% of the NYC economy.
Employment – Professional & Business Services
The next largest category of employment in Queens is professional and business services. This sector employ about 8% of the Queens labor force and includes lawyers, accountants and business services. For comparison, professional and technical services [bear in mind these categories are not apples to apples comparisons] represent about 9% of the employment base in NYC. Another 4% of employment in NYC is attributable to information, which would include publishing and broadcasting.
Queens Employment – Financial Services
The fourth largest category is financial services which includes banking, lending and investment services. This sector employs about 7% of the borough workforce versus 9% for financial services and insurance in NYC.
Restaurants, Construction, Retail, Manufacturing & Energy
These categories in total represent about 50% of Queens labor force. Other categories for which I did not obtain any numbers include restaurants [there are about 5,200 restaurants in Queens], construction [given the large number of construction projects in Queens and the level of housing stock this likely represents a significant employment category], retail [Queens has some of the most diverse shopping venues in the world], manufacturing [Queens is home to a large number of printers and a number of light manufacturers] and the production of energy [Con Edison has two large power plants along the East River in Queens].
NYC Employment Categories For Perspective
While we haven't yet obtained definitive information in some of the other categories, for NYC we know that construction is about 3% of the employment base, accommodation and food services are 6% of the employment base, real estate professionals make up about 4% of the employment base, wholesale represents 4% of the base and manufacturing is 3% of the base. Arts and entertainment represent about 2% of employment in NYC.
NYC Staffer Weekdays - Queens Resident Nights & Weekends
Given Queens proximity to Manhattan, a lot of people who live in western and central Queens commute into jobs in Manhattan. These people also contribute to the Queens economy through their consumption in the borough.
Queens & NYC Employment Charts 2011
The following are some charts showing the unemployment rates for Queens, NYC and NYS as well as charts of employment categories for Queens in 2010 and NYC in 2008. You can also click here to view the photo album containing charts of Queens employment & unemployment statistics 2011.
Economy & Business In Queens - Related Stories
Click here to view our section on Queens Business. Click here to view our section about Government & Employment in Queens. Click here to view our section about Queens Real Estate. Click here to view our section about design & home improvement in Queens. Click here to view our section about Banks & Loans in Queens. Click here to view our section covering Manufacturing and Wholesalers in Queens. Click here to read about Transportation in Queens.
Economy & Businesses In Queens - Neighborhood Info
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