One Month In, ‘New York Works’ Spurring New Jobs
by James Patchett, President, New York City Economic Development Corporation
Just one month ago, Mayor de Blasio unveiled New York Works, a strategy to directly create 100,000 good-paying jobs over the next decade. The plan outlines twenty-five initiatives to expand industries with significant potential for middle-class job growth and prepare for our ever-changing technological future.
But a great plan is only as effective as its follow-through. That’s why I’m proud that in the weeks since releasing New York Works, we’ve already announced real progress on four initiatives and also shown that the plan has equipped us to capitalize on new opportunities as they arise.
In the health care and life science sector, we delivered on Initiative 5 of New York Works by announcing a $5 million grant to launch BioLabs@NYULangone, the city’s first LifeSci NYC Incubator. Set to open by the end of this year, the 50,000 square-foot project will provide affordable lab and office space for up to 35 life science startups, creating 1,000 jobs over ten years.
In an effort to bolster new digital health companies, we selected seven winners of our Digital Health Marketplace. The program connects promising health technology startups with buyers and opportunities to pilot their technologies in healthcare institutions. To build on its success, Initiative 6 will expand operations for the Marketplace, creating approximately 1,100 good jobs over the next decade.
With a clear-eyed focus on the plan’s objectives, we also helped broker a major coup for our health care industry beyond the initiatives outlined in New York Works. This month, Aetna announced plans to move its corporate headquarters to New York City. As one of America’s biggest health companies, Aetna will create 250 good-paying jobs and invest in innovations and technology to help our homegrown healthcare and life science startups continue to thrive.
Now we’re not just focusing on health and life sciences — we’re also investing in the creative and cultural sectors at the heart of New York City’s economy. As part of Initiative 9, we just partnered with New York University Tandon School of Engineering to create a hub for virtual reality and augmented reality (VR/AR) companies at the Brooklyn Navy Yard. This hub will create more than 500 good jobs over the next 10 years, and help position New York City as a global leader in the VR/AR industry. And to ensure New Yorkers are equipped with the skills that VR/AR companies need, our partnership will include a workforce development center at CUNY Lehman College in the Bronx.
We also delivered on Initiative 20 by announcing the creation of 50,000 square feet of artist studios and workspace for art-based businesses at the Brooklyn Army Terminal. ArtBuilt Brooklyn, a nonprofit arts organization, will bring subdivided, affordable artist workspace to the Terminal as part of the Mayor’s Affordable Real Estate for Artists (AREA) initiative, building on our efforts to create 10,000 good jobs in the city’s creative and cultural sectors.
Of course, we know that without creating more modern, quality office space, we’ll soon run out of room to grow new, good jobs. That’s why we developed Initiative 23, a strategy to use City agency office moves to anchor new commercial developments outside of the central business district. This plan has the potential to add millions of additional square feet for growing businesses and over 8,000 good jobs. As a first step, we released a call for proposals to meet the City’s office space needs with new commercial space in East New York to be anchored by the Human Resource Administration. In the months ahead, we’ll be focusing on other agencies and neighborhoods.
New York Works isn’t just a report — it’s a roadmap for action and a commitment to real investment. We’ve hit the ground running, and in the weeks ahead we’ll build on that momentum with announcements in sectors like manufacturing and technology.
