Comeback continues: Private-sector job growth hits fastest pace in 10 yearsFebruary 1998
State added 120,000 new jobs in the last year; even manufacturing jobs are up
New York's private-sector jobs count grew last year at its fastest pace in 10 years, and the state even added manufacturing jobs - strong new signs that New York's economic comeback is under way.
Establishment data released by the state Labor Department show that New York gained 120,000 private-sector jobs over the year.
That's an overall private-sector growth rate of 1.8 percent, the best in 10 years. Manufacturing jobs, which have dropped by more than 300,000 over the past 10 years, increased by 6,400 - or 0.7 percent. And the bellwether construction sector grew by 9,300 jobs, or 3.6 percent.
The overall jobs growth rate was strongest on Long Island (2.3 percent) and in New York City (1.7 percent). But most upstate metropolitan areas also showed job growth over the year - from 0.4 percent in the Rochester area, to 1.1 percent in the Albany area.
The year-end figures mark a steady improvement in this state's growth relative to the national economy.
In the three years before Governor Pataki took office, New York grew private-sector jobs at only about one-sixth the national rate. Since then, New York's growth has averaged better than half the national rate. In the past year, it has jumped to 62 percent of the national rate.
February 5, 1998