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New York City Has the Innovation Edge

NYC takes the lead in growth industries, from life sciences to tech to the green economy

by Business Traveler

January 25, 2024

New York City / Photo: Adobe Stock/jonbilous

There’s something new brewing in New York City as the nation’s finance and media capital drives landmark investments in forward-focused sectors like life sciences, tech, and the green economy.

In life sciences, NYC has put down the marker with LifeSci NYC—a $1 billion-plus initiative to create 40,000 new jobs and establish the city as the global leader in the industry. The historic public investment capitalizes on NYC’s unique advantages, including its more than 50 hospitals and 100 research centers; more than $2 billion in NIH funding; and the largest pool of life sciences talent, with 150,000 jobs across 5,100 companies. And the momentum is building: Just last year, the City announced SPARC Kips Bay, a first-of-its-kind job and education center that will transform CUNY’s Hunter College Brookdale campus into a state-of-the-art life sciences, healthcare, and public health hub.

Rendering of SPARC Kips Bay / Photo: Courtesy of NYCEDC

When it comes to tech, NYC is rapidly gaining on the West Coast. Boasting a $147 billion startup ecosystem, it’s already No. 2 globally, behind only Silicon Valley. The growth of the talent pool has been no less remarkable—between 2010 and 2021, the city’s tech sector added 114,000 jobs, an increase of 142 percent. Today, the city is home to 25,000+ tech-enabled startups supported by more than 200 coworking spaces and 100 accelerators and incubators. NYC’s emergence as a hive of tech cross-pollination has also caught the attention of VCs—Index Ventures and Sequoia Capital both recently opened offices in the city.

New York City / Photo: Adobe Stock/sborisov

NYC is also committed to addressing the existential risk of climate change and driving job creation through its robust investment in the green economy. One example of NYC’s commitment to environmental sustainability is Offshore Wind NYC—a $191 million, 15-year investment with the goal of delivering 100-percent clean electricity by 2040 and carbon neutrality by 2050. This will be used to develop best-in-class infrastructure, workforce and business development, and innovation in offshore wind technologies and strategies. And NYC is well placed to seize the opportunity—it offers a 1 million-strong labor pool for offshore wind operations, with a higher concentration of workers in offshore wind-related occupations than almost all other regions on the East Coast and more than 130 offshore wind firms already operating in the city.

Whether you’re a major multinational or a startup, NYC offers limitless opportunities for growth. Discover more.