Vision 1 Goal
Industry Expansion & Cultivation
New York City has experienced four years of unprecedented economic growth, accompanied by rising wages and an unemployment rate that is historically low. The Economic Development Corporation (NYCEDC) is making an impact through targeted strategies to strengthen traditional and emerging sectors with high growth potential and jobs that help more New Yorkers access the middle class. NYCEDC is also making significant investments in high-quality City-owned facilities that provide space and services for businesses to grow. In 2017, Mayor de Blasio launched the New York Works plan to create 100,000 jobs with good wages over the coming decade, using an array of policy tools and 25 coordinated policy initiatives to ensure that New Yorkers are prepared and have access to these quality jobs.
|Indicator||Latest Data||Previous Data|
|Total number of jobs:||4.463 |
|Share of (total private sector) jobs in innovation industries:||14.7%|
|Median household income:||$58,856|
|Gross city product (GCP):||$678.3|
1. Invest in the creation of middle-class jobs
The City will address the increasing divide in the quality of job opportunities available to New Yorkers by investing in industries where middle-class jobs are growing. Across fields ranging from advanced manufacturing to freight, from film and television to the life sciences, the City’s efforts will specifically focus on creating good, accessible jobs.
2. Ensure jobs are accessible to New Yorkers
The City will create career pathways and invest in industry partnerships that make these middle-class jobs accessible across the diverse New York talent pool. As the nature of work changes, industrial and technology jobs will require an increasing level of qualification. The City will invest in education, training, and industry partnerships to ensure that New Yorkers have the skills and digital savvy they need to access middle-class job opportunities today and into the future.
3. Prepare for the jobs of the future
The city is in the midst of a technology revolution. New technologies like VR/AR (virtual reality/augmented reality) and machine learning, and new ways of working, like the sharing and gig economies, are transforming the jobs New Yorkers have and how they perform them. The City will invest to stay at the forefront of future technologies, ensuring that New Yorkers are the beneficiaries of these changes.
Supported traditional sectors with investments to bring them into the 21st century
New York City’s traditional sectors, such as finance, entertainment, fashion, and manufacturing, remain key engines of economic activity, job creation, and tax revenue. The City has launched a suite of initiatives focused on maintaining and growing these sectors through specific and customized interventions. For instance, in 2016 the City launched the Industrial Action Plan with more than $115 million in new funding, and continues to find new ways to build capacity for industrial sector growth across the city.
The City is also focusing on the next generation of manufacturing businesses through Futureworks NYC, which creates a network of partnerships, services, and spaces to support advanced manufacturing. The de Blasio administration has invested over $115 million into the Brooklyn Army Terminal (BAT) to unlock over 500,000 square feet of affordable industrial space, creating capacity for over 1,000 new jobs. In February 2018, NYCEDC announced the opening of a Micromanufacturing Hub at BAT, creating space and support for small industrial firms to grow within the campus (this followed the 2016 creation of BAT’s food manufacturing hub).
Targeting emerging industries—from LifeSci to virtual reality
EDC is also focused on positioning New York City for the jobs and industries of the future, which entails being responsive to macroeconomic trends; new technologies, products, and services; and changing patterns in the way we live and work.
In 2017 the City took major steps on LifeSci NYC, a $500 million, ten-year plan that will spur an estimated 16,000 new, good-paying jobs and establish the city as a global leader in life sciences research and innovation. Since the launch of LifeSciNYC, the City has awarded $5 million for the opening of a wet-lab incubator space, released a Request for Expressions of Interest (RFEI) for the development of a world-class Applied Life Sciences Hub, and launched a new LifeSciNYC Internship Program with the first class of 40 students placed at several host companies.
Cybersecurity is another fast-growing sector where New York City is poised to become a global leader as demand for services continues to surge. In June 2017, EDC announced a bold investment in the local cybersecurity ecosystem. Building on the 107 cyber companies in New York City today and 6,000 related jobs, EDC will directly grow 3,500 new cyber jobs and contribute to the growth of 10,000 cyber jobs over the next decade. Released in December 2017, the Cyber NYC Request for Proposals (RFP) will invest $30 million through a suite of innovative public-private partnerships. These opportunities include the creation of a Cyber Center, which will provide the city with its first accelerator dedicated to cybersecurity and serve as the hub for the industry, as well as new programs to expand and diversify the talent pipeline. The City also launched initiatives to support an array of industries such as VR/AR and the digital health marketplace.
As part of Urbantech NYC, in 2017 the City also announced the opening of Urban Technology Growth Hubs in Brooklyn and Manhattan that will activate approximately 100,000 square feet of flexible and affordable space for fast-growing cleantech and smart cities companies.