News from NYSDOL Labor Market Analyst Tammy Marino
After nearly two years of heavy losses, the local job market is getting back on track. Over the past 12 months employers have been creating new jobs on a fairly consistent basis and the pace of hiring picked up in recent months. As a result, we have a job market that is growing much more stable. While current employment levels have not returned to their pre-recession levels we have made some very positive gains.
Educational and health services currently employ more workers (116,600) than any other sector in the Rochester area and accounts for nearly one-quarter of total employment. It also has been the strongest and most consistent source of job creation in the region. From May 2010 to May 2011, employment in sector grew by 4,800, or 4.3 percent. According to a report by the Commission on Independent Colleges and Universities private colleges and universities in the Rochester area contribute $4.1 billion to the economy. With 11 private colleges and universities in the region, including the University of Rochester and Rochester Institute of Technology, it comes as no surprise that area colleges and universities are increasingly described as an economic engine. An aging population, growing enrollment at area colleges and a surge in research funding should help to boost employment levels even further in the coming months. (5/top 10)
After nearly two years of losses, the construction industry also appears to have turned the corner. Employment was up 1,200, or 7.1 percent over the 12 month period ending in May 2011. This season especially, was off to a good start. Seasonal hiring this year began a little earlier than normal and was somewhat stronger than expected. In 2010 construction employment did relatively well because of the large injection of stimulus funding. This year, the regional construction industry is expected to receive a much needed boost thru the growing number of private capital investment projects. In addition, more than $100 million worth of state, county and town road construction projects are planned for this year. Together these projects are expected to employ more than 2,000 during the peak season.
With the worst of the recession now behind us, the regional economy has begun to expand. The job market is beginning to strengthen and a growing number of employers are looking to hire. As a result we now have a job market that is growing much more stable. The growing number of recently announced commercial investment projects should also help to boost employment further in the coming months.
To read more check out page 2 of the NYSDOL Employment in NYS newsletter.