New York City Regional Economic Development Council Submits Round V Progress Report
The New York City Regional Economic Development Council (NYCREDC) announced its progress report was submitted to the State to meet the September 21 deadline. The progress report, entitled “State of the Region”, details the Council’s achievements in implementing its five year strategic plan, and outlines the Council’s strategy and goals for continued growth.
The report outlines the region’s strong performance record in implementing its strategies and projects since the first round of Governor Andrew M. Cuomo’s Regional Economic Development Council initiative in 2011. The first four rounds resulted in $236.1 million in State funding to support 232 projects that are completed or in progress, with commitments to create or retain more than 20,000 jobs in the region and leverage more than $2.96 billion in total investment. The Council’s plan supports this positive trend and will continue to build on the success of previous years, accelerating New York City’s economy.
The progress report can be found on the New York City Regional Council’s website at http://regionalcouncils.ny.gov/content/new-york-city.
“Thanks to Governor Cuomo’s leadership and the efforts of the NYCREDC, New York City’s economy continues to grow and create jobs,” said Winston Fisher, Co-Chair of the NYCREDC. “Of the 232 projects the NYCREDC has funded in the past four rounds, nearly 85 percent are either complete or on schedule. The council’s work has resulted in job growth across all five boroughs, including many communities that have been economically distressed in past decades. We look forward to continued progress and are excited to present this year’s Progress Report and the projects we are backing in this year’s REDC Initiative.”
There was strong public participation throughout Round V that proved extremely valuable as the NYCREDC hosted two public forums, two Consolidated Fund Application workshops and four public NYCREDC meetings, to inform the public on the progress of its strategic plan and to gather public input on identifying priority projects for this round.
The Council also looked to the next phase of its work, and placed significant focus on the continued development of collaborations both in and out of the region, and successful implementation of its strategies and programs, including Innovation Hot Spot/Business Incubators, the Cleaner Greener Initiative, Veterans and Opportunity Agendas, NY Rising, CUNY 2020 and START-UP NY.
The following 35 projects, located across the all five boroughs and supporting New York City’s diverse economic sectors, were endorsed by the Council as regional priorities for Round V of the Regional Council initiative and submitted to the State for recommended direct funding:
- Smart City Innovation Center (NYCEDC)
- NYU Veterans Incubator (New York University)
- Silvercup North (Silvercup Studios)
- Replacement of High Voltage Switchgear Panels and Transformers (Hunts Point Cooperative Market)
- Steiner Studios Master Plan Phase 4 (Brooklyn Navy Yard Development Corporation)
- Empire Outlets (St. George Outlet Development LLC)
- Brooklyn Brewery Facility (The Brooklyn Brewery Corporation)
- Capital expenditure to expand use of shared space and equipment (Harlem Biospace)
- New York BioLabs (Cambridge BioLabs)
- Tenant Fit-out for STARTUP-NY Company (BioBAT, Inc)
- Boyce Technologies Expansion Project (Boyce Technologies, Inc.)
- Project Commissary Part II (Cosmoledo, dba Maison Kayser)
- Citywide Expansion of IT Job Training Programming (Per Scholas)
- Billion Oyster Project (New York Harbor Foundations)
- Tower Isles Frozen Foods Ltd.
- Avalanche Studios NYC. Inc.
- Bright Power Expansion Project (Bright Power, Inc.)
- Opportunities for a Better Tomorrow Workforce Development Project
- High Tech Product Testing Facility (Aero Nav Laboratories)
- Unemployed Worker Training (Nontraditional Employment for Women)
- IT Training Program BRONX (Per Scholas)
- Construction Works in NB (St. Nicks Alliance)
- Greener Greater Buildings Plan Accelerator (NYCEEC)
- Solar One’s CleanTech Program for NYC CTE and other High Schools (Solar One)
- Getting to 80 x 50 Energy Efficiency in Southeastern Queens (NYC DEP)
- QEDC Kitchen Incubator (Queens Economic Development Corp.)
- Bronx CookSpace (Women’s Housing and Economic Development Corp.)
- Brooklyn Fashion + Design Accelerator (Pratt Institute)
- Sweat Equity: A New Center for Womens and Labor History (New-York Historical Society)
- NYS Pavilion (Queens Borough President’s Office)
- Intrepid Museum
- Red Hook RETI Center Feasibility Study (Southwest Brooklyn Industrial Development Corporation)
- AMNH 2015 (American Museum of Natural History)
- West Shore Light Rail Study (Staten Island Economic Development Corporation)
- New York City is among the largest urban economies in the world and continues to grow at a rate of more than 2% a year.
- The financial services industry remains the anchor of the economy, generating about 20% of the city’s economic output and nearly a third of its total private sector payroll.
- The average annual private sector employment in New York City has increased 9.7% from 2011.
- The estimated visitor spending was $41 billion in 2014.
- The city added over 15,000 tech jobs from 2011 to 2013, reaching an all-time high in tech employment, and outpacing the nation in tech growth – 11% to 7% -- over those two years.
Strong performance and growth in the region's key strategic sectors are a result of the Council’s dedication to transforming the region’s economy:
Also highlighted in the report is the NYCREDC’s Regional Economic Cluster Plan, which is focused on developing a Global “Smart Cities” Industry Hub. The global “Smart Cities” market is projected to reach $1.13 trillion by 2019, from $400 billion in 2014. New York has a unique opportunity to build a cluster of economic activity around technology that will transform the world’s rapidly growing urban centers. It is already a global hub of innovation in technology and boasts the country’s most open policy for public release of municipal data. In addition, the city’s universities are leaders in the data analytics and urban informatics. The city’s size, scope and diversity offer a laboratory in which public-private partnerships can development and test “smart” technologies, applications and policies.
To continue building on the success of the last four rounds, each of the state’s 10 regions will compete for a portion of the up to $750 million in New York State economic development resources available in Round V. Three regions will earn “Top Performer” distinction and receive approximately $105 million each, while four regions will receive approximately $90 million each through the REDC competition – which is more than the average amount awarded to the top place finisher in prior years. Additionally, due to this year's Upstate Revitalization Initiative (URI), the three URI-winning regions will receive up to $30 million through the REDC competition, allowing for larger awards for the other seven regions, including New York City.
Funding awards for Round V of the CFA process are expected to be announced by the end of the year.
The NYCREDC, which is composed of the Bronx, Brooklyn, Manhattan, Queens and Staten Island, is one of 10 regional councils across New York State that serve as a single point of contact for economic activity in the various regions. The NYCREDC was awarded $61.2 million supporting 71 projects in 2014. There are 232 projects across the region that have been awarded a total of $236.1 million in state support through the Regional Economic Development Council initiative and Consolidated Funding Application (CFA) process in the statewide competition.
About the Regional Economic Development Councils
The Regional Economic Development Council initiative (REDC) is a key component of Governor Andrew M. Cuomo's transformative approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. After four rounds of the REDC process, nearly $3 billion has been awarded to more than 3,100 job creation and community development projects consistent with each region's strategic plans, supporting the creation or retention of more than 150,000 jobs. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.