Hochul says NY economy fully recovered from pandemic

Gov. Kathy Hochul has declared that New York’s economy has fully recovered from the Covid-19 pandemic and points to new New York State Department of Labor data showing there are now a total of 8,346,200 private-sector jobs in the state, the highest number ever recorded.

According to the new data, New York gained 47,000 private-sector jobs in January 2024. Driving job growth were private education, health services, leisure and hospitality, and professional and business services.

Overall, the state has recovered 1,935,600 private-sector jobs since the height of the pandemic in April 2020 when statewide jobs reached a 30-year low of just 6.4 million.

Hochul pointed to help in the recovery from the state’s $1 billion Small Business Rescue Plan and $450 million “Bring Back Tourism, Bring Back Jobs” recovery package.

“With jobs at an all-time high across the state, New York’s economy hasn’t just recovered – it’s been completely transformed,” Hochul said. “Business is booming, New Yorkers are getting back to work, and thanks to a major economic relief package I announced in my first months in office, our communities are stronger and more vibrant than ever. New York is back, and with our historic recovery and record-breaking 8.3 million jobs, my administration is moving full-steam ahead to keep creating good-paying jobs that help New Yorkers build a future here in our state.”

The highest rates of job growth in New York were in Ithaca (6.4%), Watertown-Fort Drum (5%), Kingston (4.1%) and Glen Falls (2.5%). New York City’s total private sector job count increased by 1.7% to 4,091,700.

According to the state Department of Labor, private sector jobs in the Hudson Valley increased by 10,400 or 1.3%, to 801,300 in the 12 months ending January 2024. Gains were greatest in private education and health services (+8,400), leisure and hospitality (+3,500), financial activities (+1,400), other services (+500), information (+200) and professional and business services (+200). Losses were centered in trade, transportation and utilities (-2,300), mining, logging and construction (-900) and manufacturing (-600).