Industrial restructuring in the New York metropolitan area

Abstract

The author analyzes the industrial restructuring process in the New York metropolitan area in the first half of the 1990s. To measure the extent of restructuring, he reviews estimates of permanent job losses of metropolitan workers, mass layoff announcements in the region, and net job changes by industry. The analysis shows that a significant part of the area's recent restructuring reflects a continuation of the long-term trend away from manufacturing toward a service-oriented economy. This shift, while broadly in line with nationwide trends, has been somewhat more intense in the metropolitan area. Downsizings also hit a number of the area's nonmanufacturing sectors, including government, transportation, and public utilities.Industries ; New York (N.Y.) ; Federal Reserve District, 2nd