NYC Advertising Industry Booms Amid Diversity Gaps
Jul/24/2024
Over the past two decades, New York City's advertising industry has surged by 49.5%, outpacing the 36.7% growth rate of the private sector, with 69,800 jobs and a median salary of $91,712. However, a report from the Center for an Urban Future highlights significant racial disparities, with Black and Hispanic/Latino New Yorkers underrepresented. While non-White workers in the advertising sector increased from 27.9% to 33.7% between 2000 and 2022, this is still far below the 64.2% representation in the city's overall workforce. Black and Hispanic individuals constitute only 7.7% and 14.8% of the ad workforce, respectively, compared to their 20.7% and 27.6% shares in the broader job market. These workers also earn less than their White and Asian counterparts. The report suggests that increasing diversity in advertising could significantly contribute to a more equitable economy. It recommends initiatives like expanding recruitment from local high schools and colleges, and adopting more skill-based hiring practices to bridge the gap. Chart below shows the percentage of people belonging to historically underrepresented racial or ethnic groups among Fortune 500 chief marketing officers (CMOs) in the United States from 2021 to 2023.
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