Economic Development in New York City · 2019-05-14 · Lessons learned from the past ̶Disinvested...
Transcript of Economic Development in New York City · 2019-05-14 · Lessons learned from the past ̶Disinvested...
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Economic Development in New York City
November 29, 2011
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Who we are: City‟s official economic development arm
Type of organization: 501(c)(3)
Number of employees: ~ 400
Agency operations: Under contract with the City
Responsibilities: Foster growth throughout the five boroughs
─ Capital projects
─ Property management
─ Land sales
─ Financial assistance
─ Area-wide development
─ Advisory work
• Financial
• Strategic
New York City Economic Development Corporation
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
In recent years, despite operating in a challenging environment, New York
City has generally, outperformed the nation.
Metric NYC U.S.
Class A Office
Vacancy1
9.2% 14.5%
Foreclosure auctions
from Oct. 2010 to Oct.
2011 1
-76% -38%
Lost private sector
jobs since 20073 .6% 5.2%
Source:1. Costar Quarterly Market Reports 2. RealtyTrac and Property Shark 3. NYS Department of Labor
But New York City faces a number of short-term challenges, including a
difficult financing atmosphere, persistently high unemployment, and a
weak national economy.
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
The City also faces new and significant long-term challenges…
Change in nation‟s relative position
Rise of new global competitor cities
New technology is lowering barriers to entry
China
Brazil
India
NYC
Share of World GDP
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
1975 1980 1985 1990 1995 2000 2005 2010
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Physical
Transformation
Economic
Transformation
TRANSFORMATION
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
21st century businesses require a 21st century physical infrastructure…
Lessons learned from the past Disinvested in 1970s and 1980s
Required billions of dollars and
years to recover
Current capital commitments
City capital budget: ~$27 billion
EDC capital budget: ~$2 billion over
10 years
Broad definition of infrastructure: ─ Basic infrastructure
─ Amenities
─ Area wide re-development
Water Siphon under construction
Luna Park in Coney Island
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Basic infrastructure ranges from pipes and wires to new sustainable,
waterborne transportation options….
Challenges: ─ Re-zoned areas along the East River in
Brooklyn and Queens
─ Scarce transportation options limited growth
Project: ─ East River Ferry launched in June
─ Ferry route with 7 stops in Queens,
Brooklyn and Manhattan
Outcome: ─ More than 400,000 passengers, far
surpassing forecasted levels
─ Will encourage development along Queens
and Brooklyn‟s waterfront
• Capacity for more than 20,000 new
residential units
East River Ferry
Ferry Landing
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
We are also focused on important neighborhood amenities, like schools
and parks, including the innovative High Line Park…
Challenges: ─ Former elevated rail line created
opportunity for new public space
─ Untapped development potential in
the Chelsea neighborhood
Project: ─ Transformation of abandoned rail
line into a unique public park
Outcome: ─ Helped to spur $2 billion in private
investment locally
─ Attracted more than 2 million visitors
─ Section Two opened in July
High Line after construction
High Line before construction
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
We are also working to transform whole neighborhoods, from Willets
Point in Queens to historic Coney Island in Brooklyn
Challenges: Amusement core suffered from
Project: Grow and support Coney Island as an
amusement destination
Catalyze local job creation
Outcome: Opened Luna Park and Scream Zone
which have drawn record attendance with
640,000 visitors in 2011
Local job growth outperforming the
Borough and the City
Upcoming ─ Steeple Chase Plaza under construction
─ New retail and food tenants in 2012
─ Open 3rd phase of the amusement core
Luna Park in 2009
Luna Park in 2011
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Physical
Transformation
Economic
Transformation
TRANSFORMATION
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
But this is only half a solution…to transform to the capital of innovation,
we must re-think the way we do business.
Launched nearly 100 initiatives to
diversify the economy
Three-pronged plan: ─ Assisting “legacy industries”
─ Growing emerging industries
─ Promoting entrepreneurship
Mayor Bloomberg announcing Big Apps 1.0 Winners
Hive@55
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
First, we are working to assist our City‟s “legacy industries”…
NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Help traditional industries transition to
21st century business models
Sectors include: ‒ Media
‒ Financial Services
‒ Fashion
‒ Industrial and Manufacturing
Bush Terminal Industrial Campus
MediaNYC2020
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
The industrial and manufacturing industries represent 16% of the City‟s
private sector employment, but face significant challenges…
NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Challenges: ─ Lack of access to financing
─ Lack of access to modern, right-
sized industrial spaces
─ City‟s support network needs to be
re-aligned to meet modern needs
Project: ─ Suite of initiatives representing
$100 million in City investment
Outcome: ─ Financing: $10 million food
manufacturing fund with Goldman
Sachs‟ 10,000 Small Businesses
Initiative
─ Space: Transforming the Federal
Building, a 1.1MSF vacant
warehouse into a state-of-the-art
industrial center
─ Support network: Industrial “desk”
at EDC‟s Center for Economic
Transformation
Local food manufacturers
Rendering of Federal Building #2
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
We are also working to attract potential growth industries…
NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Grow industries in which City is
competitive, but has traditionally “hit
below its weight”
Sectors include: Green and Clean Technology
Television and Film Production
Bioscience
Smart Grid demonstration at Brooklyn Army Terminal
NYC Solar Map
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
The City is a hub for basic scientific research and home to many
pharmaceutical headquarters, but there is still room for growth…
NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Challenges: ─ City struggles to retain the ~20
companies that spin off from our
universities annually
Companies cited a deficit of
affordable wet lab space
Project: ─ Create additional wet lab space
Outcome: 1.7MSF of new wet lab space in
development at BioBAT and the
Alexandria Center for Life Science
Brooklyn Army Terminal
Alexandria Center for Life Science at East River Science Park
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
We are also focused on promoting entrepreneurship …
NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Big Apps 2.0 Winners
NYC Next Idea Competition
Create the conditions for companies
to thrive, regardless of industry
Creating the industries of tomorrow
by providing resources, including: Access to training and mentoring
Access to capital
Access to affordable workspace
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
The City is working to provide important resources to entrepreneurs,
such as affordable work space
NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Challenges:
─ High cost of City real estate
poses a major hurdle for start-
up businesses
Project: ─ Growing network of 9 incubators
Outcome: ‒ General Assembly: Attracted
$12 million in venture funding
‒ 160 Varick Street: Created more
than 300 new jobs
‒ E-Space: Hosts more than 100
small food manufacturers
General Assembly
Workstations at 160 Varick St. Incubator
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
$173 $217
$279 $219
$332 $379
$522
$648
$272 $350
$188 $181 $220 $228
$446
$142
33
38
41 46
50 53
61
72
48
39
40 41 39 43
46 39
0
10
20
30
40
50
60
70
80
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11
Thanks in part to these initiatives, we‟ve seen substantial changes in the
City‟s technology and innovation sectors.
Source: 1. Data from CB Insights, whose tech sector definition includes internet, mobile, software (non-internet/mobile), computer hardware and electronics; 2. USPTO *Forecast for 2011 based on data through
6/28/2011; 3. NYCEDC Analysis
Patents assigned to NYC inventors2
0
500
1,000
1,500
2,000
2,500
3,000
198
1
198
3
198
5
198
7
198
9
199
1
199
3
199
5
199
7
199
9
200
1
200
3
200
5
200
7
200
9
201
1*
Employment in the high tech
sector increased by 30% from
2005 to 2010.
NY now captures an increasingly
significant share of venture capital
investment, doubling since Q4 „09
and surpassing Massachusetts by
~$400M in the last 4 quarters1.
Research and innovation in NYC
has been on a steady rise,
demonstrated by a 50% increase
in patents secured by NYC
inventors over the last decade2.
MA Deal Count
Total MA Investments ($M)
NYS Deal Count
Total NYS Investments ($M)
NYS VS. MA Tech VC Investment Trends 1
Q4 ‘09 –Q3 ‘11
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
But even with these changes, we know we are still not the world leader in
innovation, so we launched an exercise we called “game changers”.
In this year-long exercise we asked
participants to identify a single
ambitious initiative that would have a
transformative effect on NYC‟s economy
Participants included:
─ 350+ Business & community leaders
─ 12+ University Deans/Presidents
─ Round-tables, workshops, panels
─ Sector analyses of leading industries
We heard that building our
tech capacity is critical to
future growth
And that strong research
institutions help create these
knowledge jobs
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
The good news is that we start from a strong position: New York City is
home to some of the finest universities in the nation…
Regionally:
─ NY State is home to 20+
major research centers
which attract more than $6
billion in R&D.
Locally:
─ Higher education accounts
for 115K jobs and $6.8 billion
in payroll.
─ 7 institutions classified by the
Carnegie Institute as having
either “high” or “very high”
levels of research activity.
─ 9 Academic Medical Centers
attract $1.3 billion in National
Institute of Health funding.
Top-tier schools within a 100 mile radius of NYC
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
But the City remains relatively underweight as a center of applied
science and engineering…
Metric NY Area Boston Area SF Bay Area
Size of Economy1(US) 1st
($1.47 trillion)
6th
($338 billion)
9th ($297 billion)
R&D per capita of Top 100
Engineering Programs2
~$7.00 ~$87.00 ~$44.00
Science & Engineering as % of
Workforce3(US) 3.8% (33rd) 7.4% (6th) 6.9% (8th)
Hi-Tech Payroll as % of
Economy 3 6% 13% 13%
Sources: 1PriceWaterhouseCoopers 2008,2 AUTM Survey, 2009 3 US Bureau of Labor Statistics .
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
So we launched a competition in which we offered to partner to build or
expand an applied sciences facility in exchange for City resources…
Capital funding: ─ To assist with infrastructure, build-
out, and/or equipment.
Technical assistance: ─ Development approvals, planning.
─ Applications for governmental
(Federal, State) funds.
Real estate: ─ City-controlled sites offered on
favorable terms.
OR
─ Respondents can select a private
site.
22
Naval Hospital Campus,
Brooklyn Navy Yard
Goldwater Campus,
Roosevelt Island
Governors Island
Goldwater Campus,
Roosevelt Island
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
After successfully testing the market with a RFEI, we released a RFP and
received 7 responses from 17 different top-tier institutions.
In October 2011, EDC
received 7 responses: ─ 17 institutions
─ 3 states & 4 countries
─ 4 of top 20 U.S.
graduate engineering
programs
Proposals represent a
significant investment: ─ Range from 400KSF
to 2MSF
─ Up to $2.5 billion for
the full build-out
─ Hundreds of faculty
and thousands of
graduate students
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
The Applied Sciences facility will impact the City‟s economy directly
and indirectly through construction and operations and its spin-off effect
Source: 1. 2009 Occupations by North American Industry Classification System (US Census Bureau: NAICS) industries with median wages 24
Development of an ~1.5MSF
facility would create: ─ More than a billion dollars in
capital investment on the site
─ Nearly 7,000 construction jobs
Campus operations: ─ The facility would directly
employ hundreds of people at
good middle-income wages
Spin-off effect: ─ Hundreds of new businesses
─ Thousands of new jobs Lower Manhattan
Red Hook
Fort Greene
South Williamsburg
Western Queens
Midtown
Manhattan
DUMBO
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
Concluding Parable: In early 1800‟s NYC was a mid-sized city struggling to
distinguish itself from neighboring cities…
Exports from Principal U.S. Ports1
(1821-1840, Millions)
Source:1. Edward Glaeser: “Urban Colossus: Why is New York America‟s Largest City?”; 2. Wikipedia
Population by U.S. City2
(1800 – 1840, „000s)
0
400
800
1,200
1,600
1800 1810 1820 1830 1840
Philadelphia
Boston
New York City
0
50
100
150
1820 1830 1840
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
…In the face of derision, New York‟s Governor, Dewitt Clinton, took on a
massive public works project against the odds: the Erie Canal…
Governor Dewitt Clinton
Clinton saw the value in building a canal
from NYC to the Great Lakes and the
interior of the continent
Would open the only trade route West of
the Appalachians
Innovative financing through the first US
state-private bond issuance
President Thomas Jefferson himself disparaged the project as “sheer madness,” others
called it “Clinton’s Ditch” or “Clinton’s Folly.”
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NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION
…Thanks to Gov. Clinton‟s perseverance and vision, the Erie Canal was
completed, locking NYC in as the U.S. trading & business capital.
Erie Canal, opened 1825
1820-1850:
NYC‟s population quadrupled in size
1860:
NYC handled 6X more exports than
Boston and 25X more exports than
Philadelphia
“At the end of the colonial period,
Boston, was America‟s premier
port…From 1820 to 1860, NY
completely surpassed northern
competition in terms of trade.”
– Ed Glaeser, “Urban Colossus: Why
is New York America’s Largest City?”
Today, NYC faces another 'Erie Canal moment'.
As in the past, we must ensure that we seize this moment.