Grow quality jobs across diverse range of sectors

This solution addresses lack of diverse, quality job options in New York City, USA for local communities

Problem Description

New York City has seen very strong economic growth over the past five years. We have gained 422,000 jobs and demonstrated an employment growth rate of 11.5 percent— compared to 6.1 percent across the U.S., with 113,000 private sector jobs added in 2014 alone. Yet, there is an opportunity to catalyze future growth through a more diversified economy with increased employment across a broader set of industries. New York City has benefited from, and will continue to grow, sectors in which it is a global leader, such as finance, insurance, and real estate (FIRE). Diversification will add to this growth and reduce economic risk for the city as a whole. For example, finance and insurance account for 30 percent of the city’s total payroll and 27 percent of the base, but only 9 percent of employment. There are increasing signs that this diversification is already occurring.

Building Blocks

Story

Private jobs in innovation industries grew 15.8 percent from 2009 to 2013. Many of these jobs provide quality wages and have spurred growth outside the core Manhattan markets. Moreover, some innovation industry firms have helped increase opportunities in traditional industries, such as manufacturing, which are leveraging new technologies to transform their businesses and create quality jobs. Although New York City is already a major hub for innovation industries, such as advertising, media, and technology, we have the opportunity to catalyze growth in others, such as the life sciences and advanced manufacturing sectors. To achieve this we must deliver a talented workforce, maintain a strong infrastructure, and ensure space and access for the specialized facilities these companies require.

Resources

Organisations Involved

Solution Stage

One of the 7 stages of an innovation. Learn more
STAGE SPECIALIST SKILLS REQUIRED EXAMPLE ACTIVITIES RISK LEVEL AND HANDLING FINANCE REQUIRED KINDS OF EVIDENCE GENERATED GOAL
Developing and testing3
Mix of design and implementation skills
  • Rapid prototyping
  • Service, product and process design
  • Co-design
  • User-design
  • Light-touch evaluation
  • Cost-benefit modelling
  • Randomised control trials
  • High failure rate should be an explicit expectation
  • Visible senior leadership essential
HIGH
  • Grants, convertible grants/loans
MEDIUM
A stronger case with cost and benefit projections developed through practical trials and experiments, involving potential users
Demonstration that the idea works, or evidence to support a reworking of the idea

Key Details

Activity