Problem DescriptionNew 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.
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.
Solution StageOne 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|
|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|