AI's impact on New York employment
Generative artificial intelligence is poised to transform employment in New York and around the world, though not all industries will feel the impact equally.
New York City's AI vulnerability
Financial services and professional services are huge employers in New York. They account for 1.2 million jobs, roughly 28.1% of all private sector employment in the city. They are also among some of the most susceptible to AI disruption.
Who is expected to see the greatest Selected types of occupations ranked by GenAI exposure score
New York City private sector jobs
June 2024
Change in New York City jobs
June 2024 vs. June 2023
-0.9%
Finance and insurance
-0.9%
Professional and business services
1.3%
All private sector jobs
Industries with greatest AI disruption risk
The Burning Glass Institute and SHRM report the top 10 industries most at risk are in these two sectors.
Industry
Sector
Mortgage and non-mortgage loan brokers
Finance and insurance
Professional services
Law offices
Investment banking and securities dealing and brokerage
Finance and insurance
Commercial banking
Finance and insurance
Offices of certified public accountants
Professional services
Finance and insurance
Investment advice
Tax preparation services
Professional services
Human resources consulting services
Professional services
Marketing research and public opinion polling
Professional services
Finance and insurance
Insurance agents and brokers
Companies
Note: Higher-paying roles yield larger cost savings if eliminated and greater productivity gains if augmented, thus industries were weighted by both occupational share and salary for the "greatest disruptions" data.
Potential for AI-led job displacement
According to a separate report from Citigroup, banking and insurance will see the highest percentage of jobs become automated or augmented by AI, confirming The Burning Glass/SHRM findings.
A seprate Citigroup report anticipates that banking and insurance will see the highest percentage of jobs become automated or augmented by GenAI.
In additional to finacial services, proffesional services is also expected to see extensive AI disruption, according to Burning Glass Institute and SHRM report. This could spell trouble for many New Yorkers. Those industries account for 1.2 million New York jobs, roughly 28.1% of all private sector employment in the city.
Sources: The Burning Glass Institute and SHRM, Citigroup and the New York City Economic Development Corporation