Between 2002 and 2010, Mayor Michael Bloomberg’s administration presided over a 46 percent loss in New York City manufacturing jobs, arguably the worst eight-year percentage loss in the city’s history. The U.S. suffered a devastating manufacturing job loss (25 percent) during the same period but New York City still performed worse than the nation overall.
Was the loss of almost 64,000 blue collar jobs in New York inevitable? And why does it matter?
It has been a common argument that manufacturing businesses can no longer operate profitably in the U.S., particularly in a high-cost environment like New York City. My experience working with this sector over the last decade has been that a significant amount of job loss was indeed inevitable, particularly in sectors heavily impacted by global competition.