New York City is at a political and economic inflection point. New Yorkers are returning to the Big Apple, eager to restore the metropolis back to its international status as an economic and cultural giant. But the COVID-19 pandemic not only accelerated a major shift in how New Yorkers work, but also where New Yorkers will work, and which industries will pave the way for a new era of economic growth. To help business leaders and policymakers seize this transformational moment and capitalize on NYC’s rapidly growing sectors—primarily, health care and tech—the Committee for Economic Development of The Conference Board (CED) has issued a new report, New York City: Rebuilding a Future-Focused Economy.
As detailed in the report – the latest in a series of Solutions Briefs on Sustaining Capitalism –rising demand for groundbreaking health care solutions and the expanding integration of technology into the economy has contributed to significant growth in the city’s health care and tech sectors. An early epicenter of the COVID-19 pandemic, the city’s health care systems were forced to respond to the coronavirus early on, resulting in major scientific breakthroughs and new ways to deliver essential services. And while office buildings and tourist-laden establishments shuttered their doors at the pandemic’s outset, big tech companies, including Apple, Google, Amazon, and Facebook, increasingly moved in. By focusing on these promising industries, New York City can catapult to greater economic success.
“At the height of the pandemic, New York City’s technology and health care sectors were busy innovating and responding to the urgent needs in the region. A renewed focus on these transformative industries is exactly what the city needs as it rebuilds a more resilient, future-focused economy,” said Lori Esposito Murray, President of CED. “New York City is at a crossroads. Its reputation as a beacon for financial capital has long captured the respect of the world, yet maintaining the city’s status as a magnet of innovation and opportunity will require the public and the private sector partnering to implement strategies for developing new ideas, encouraging growth industries, and preparing a skilled workforce to compete on the international stage.”
Key takeaways from the new Solutions Brief include:
The postpandemic recovery in the NY metro area continues to lag recovery in other parts of the country.
The information and health care industries are recovering faster than finance & insurance and real estate; leisure & hospitality remains hardest hit.
Prepandemic, information and health care were driving NYC’s economic growth, while finance & insurance and real estate were a drag.
Key recommendations from the new Solutions Brief include:
In its new Solutions Brief, CED offers four recommendations through which policymakers and business leaders can revitalize the city’s economy into a leading powerhouse of jobs and innovation in the postpandemic global economy. They include:
The Committee for Economic Development of The Conference Board (CED) is the nonprofit, nonpartisan, business-led public policy center that delivers well-researched analysis and reasoned solutions in the nation’s interest. CED Trustees are chief executive officers and key executives of leading US companies who bring their unique experience to address today’s pressing policy issues. Collectively they represent 30+ industries, over a trillion dollars in revenue, and over 4 million employees. www.ced.org