New York City will invest more than $1 billion in targeted industries over the next decade in an attempt to create 100,000 good-paying jobs, according to a plan released on Thursday by Mayor Bill de Blasio.
The 10-year year initiative called New York Works will focus on jobs that pay at least $50,000 a year or offer a path to that level.
The de Blasio administration will invest in technology, particularly cybersecurity, along with life sciences and health care, industrial and manufacturing, and the creative and cultural sectors.
“These are the fast-growing, high-paying industries that represent the future of our city, but only if we invest now in the places, the workforce and the infrastructure to compete,” de Blasio said.
Money for New York Works reflects $1.1 billion in currently allocated funds and $250 million in new spending that the de Blasio administration will add to the November and January budget updates. The administration will report on the plan’s progress annually.
“New York Works lays out a road map for creating the workspaces that will help grow the jobs of tomorrow, bringing jobs closer to where people live and connecting New Yorkers in all neighborhoods to economic opportunity,” said Marisa Lago, Department of City Planning Director.
Among the initiatives, the city will spend $30 million on cybersecurity in training New Yorkers, academic R&D labs, and create the first business 'accelerator' dedicated solely to early-stage cybersecurity firms.
“Cybersecurity and emerging technologies are growing fast, creating many good-paying jobs that will be critical for years to come,” said Miguel Gamiño, NYC’s Chief Technology Officer. “We are positioning tech as an opportunity for thousands of New Yorkers to do those jobs, while strengthening equality and diversity in New York City’s tech economy.”
Dr. Aleksandr Yampolskiy, CEO of SecurityScorecard, agreed.
“The growing complexity of breaches and hacks, coupled with the increased demand for viable solutions, makes it important to continuously recruit and train cybersecurity professionals,” Yampolskiy said.