New York state is on the brink of returning to pre-recession job levels, according to a new analysis from IHS Global Insight.
Jim Diffley, chief regional economist at IHS, credits a strong upstate region in helping New York join four other states in returning to pre-recession employment levels.
“The biggest problem in 2008-2009 was the aftermath of the real estate bubble bursting and outside of metropolitan New York City, New York state was pretty well insulated from that. It didn’t have the big run up in home prices; it didn’t have the run down,” said Diffley.
Diffley says New York has also benefited from exports and manufacturing activity. That’s been the strongest sector helping with a slow recovery.
New York state should pass its previous peak employment levels, according to Diffley, which were set in 2007.
Diffley adds it's the private sector that's leading the way in job creation, as the public sector is dragging generally everywhere.