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AGENCY TESTIMONY
EDC's focus on high-wage, high-growth sectors and capital program
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Andrew Kimball outlines EDC's strategy of focusing on high-wage, high-growth sectors to bolster the city's economy and create job opportunities for New Yorkers.
- Attraction of job-creating businesses and academic institutions
- Progress in revitalizing commercial and industrial districts
- Driving office space modernization and activation
- EDC's capital program supporting economic development projects
- Mention of specific companies opening offices or relocating to New York City (OpenAI, Citadel, Chobani)
- Reference to EDC's 2024 impact report and State of the Economy report
Andrew Kimball
0:07:01
To bolster the city's economy, we've continued to focus on high wage, high growth sectors, attracted job creating businesses and academic institutions, and made substantial progress in reimagining and revitalizing commercial and industrial districts, driving office space modernization and activation, public realm improvements, industrial innovation, and reactivation of our waterways for commercial uses.
0:07:24
And yes, of course, we continue to play an important role in addressing New York City's greatest need, creating housing across the boroughs.
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Through our capital program, we've channeled city capital towards projects that support and promote economic development and create strong communities for New Yorkers.
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For example, this year we completed the renovation of four public libraries and broke ground on the renovation of the Bronx Museum, the largest contemporary art museum in New York City with 100 free admission.
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Our business development team is working tirelessly to attract high impact job creating companies across innovative industries of the future.
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This year OpenAI opened its first New York City office.
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Global investment firm Citadel and Citadel Securities announced they will serve as anchor tenants at 350 Park Avenue which will serve as home to 6,000 jobs and yogurt giant Chobani is locating its new headquarters at 360 Bowery.
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All of our projects and initiatives are guided by data and an analysis of the city's economy which we continue to report monthly and which we shared in our inaugural State of the Economy report in January.
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Our 2024 impact report, which you have in front of me in front of you, provides additional details on our work.
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You can also learn more about our work and recent reports on academia in New York City and New York City's artificial intelligence advantage.