As we await the results of today’s (or this month’s) New York City mayor election, this data point is illuminating. From the Unleash Prosperity Hotline:
Is New York the world’s financial capital? Not so much. It has nearly three times as many residents employed in health care and social work. The Economist writes:
The share of New York City’s workers employed in finance and insurance has been in decline for years, falling from 11.5% in 1990 to 7.7% in August. Of the 233,000 jobs in the industry created in America over the past five years, the state of New York secured only around 19,000, behind Texas, Florida, North Carolina and Georgia. JPMorgan, its vast new skyscraper notwithstanding, employs more people in Texas than New York.
High-paid workers in finance and insurance have fled to other states, or never came to New York in the first place. But those social workers and nurses are likely to stay put. This is a recipe for decline, which will only accelerate if Zohran Mamdani is elected mayor.
