In March 2020, the COVID-19 pandemic arrived in New York City and left an economic crisis in its wake, which will impact our economy and the labor market for at least the next five years. The economic devastation impacted numerous industries in a range of ways.
2020 was a year like no other for New York City’s job developers. In less than 12 months, thousands of businesses slashed payrolls. Long-time employers shuttered their doors permanently. Unemployment soared from historic low to historic high overnight.