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.
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