New York City Economic Development Corp.‘s monthly economic snapshot reports that the city continued to see employment gains in the first month of the new year.
According to the economic snapshot, private sector jobs rose by 13,600 in January, primarily in the information, finance and insurance and health care and social sectors. Unemployment stayed at 6.5 percent, still the lowest since the economic collapse of 2008.
Fashion Week was a key contributor to the economic snapshot’s positive findings. The $11 billion industry and more than 900 fashion companies throughout the city employ more than 183,000 people in a number of areas, including design, management, manufacturing and retail. It is estimated that Fashion Week had more than a $887 million impact on the city’s economy.
The snapshot says that New York City Mayor Bill de Blasio began Fashion Week with an announcement regarding the Made in New York fashion initiative, which brings local fashion products under the umbrella of the Made in New York Program. The program tripled the amount of city support to the industry, according to the snapshot.
