The New York City region’s $1.5 trillion economy continues to generate new jobs across several industries, due to its size and diversity. New programs have also been created recently to get more people back to work and to attract high-tech employment.
One of those initiatives is a $150 million public-private partnership that is designed to expand the city’s life sciences sector. The funds will identify and invest in research generated by the city’s academic medical institutions and entrepreneurs, according to the New York City Economic Development Corp., a nonprofit advocate for economic development and job growth in the city.
Not all of the city’s efforts are geared toward white-collar employment. In March 2016, a separate $150 million public-private fund was launched to provide financing for industrial real estate developments. The fund is expected to promote the development of 400,000 square feet of new or renovated industrial workspace in the city, resulting in the creation of as many as 1,200 jobs by 2020, according to NYCEDC.
Tourism remains a crucial element of the region’s economy, as well. A record 58.3 million people visited the city in 2015, according to NYC & Company, the city’s tourism agency. The organization has forecasted a new high of 59.7 million visitors in 2016, which would mark the seventh consecutive year for record-breaking tourism.
To learn more about New York City and other metro economies, please go to:
Joe Coombs is Senior Analyst, Workforce Trends and Forecasting for the Society for Human Resource Management (SHRM). Joe tracks current trends and issues in the labor market including the economy's impact on hiring and recruiting, wages and compensation, retirement benefits and the aging of the work force. In addition to The Jobs Blog, he also writes monthly and bi-annual reports on the labor market using data culled by the research department. Contact him at Joseph.Coombs@shrm.org or on LinkedIn.
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