Creating jobs in New York City
The jobs report for the month of December brought welcome news: the 34th straight month of private-sector job growth.
And last month, the Federal Reserve announced that it will continue its low interest rate policies to encourage economic expansion until the unemployment rate is driven down to 6.5%.
We are continuing to make our way, slowly but steadily, out of the financial crisis and the Great Recession. But much more needs to be done.
Here in New York, two new public-private partnerships have been created which will help expand two key industries in New York: the Cornell/Technion computer science campus planned for Roosevelt Island and the New York Genome Center in lower Manhattan.
These are among the most exciting news on the local job-creation front that I’ve heard about, and I’ve shared some of what I know about them below. I’ll be updating you regularly on the job creation front as the new Congress proceeds.
That new Congress, our nation’s 113th, was sworn in last week; President Obama’s Inauguration will take place next week.
I have hopes that a new era of cooperation in Washington can begin.
Carolyn B. Maloney
Member of Congress
GO WHERE THE JOBS ARE-- AND CREATE MORE
Many people think that New York City’s #1 employer is the financial services sector-- but it’s actually health care.
I like to say that I represent “the health care district.” which includes such institutions as Mt. Sinai School of Medicine, NYU Langone Medical Center, Memorial Sloan-Kettering Cancer Center, Bellevue Hospital among many others.
But our area has lagged behind others when it comes to turning that research into commercial ventures-- despite the presence of the world’s highest density of health care institutions (which receive some $1.4 billion in annual National Institutes of Health grants, according to the NIH Reporter) and the easy access to financial markets.
HEALTH CARE & THE LIFE SCIENCES
Fortunately, that’s starting to change. The New York Genome Center (NYGC), a consortium of 13 leading medical and research institutions and two pharmaceutical companies is planned for 6th Avenue and Canal Street.
The NYGC aims to transform biomedical research and clinical care for patients by creating of the largest bioinformatics and genomics facilities in North America. This new center will be at the cusp of the latest biomedical and health revolution – genomic medicine.
This unprecedented collaboration among the premier institutions that make up the NYGC will accelerate research, development and commercialization of new health treatments for a variety of diseases. Not only will it lead to better health care but it will create a new and vibrant life sciences industry right here in New York City. That means more jobs.
An independent nonprofit, NYGC was founded by 11 leading medical centers and research universities: Cold Spring Harbor Laboratory. Columbia University, Cornell University, The Jackson Laboratory, Memorial Sloan-Kettering Cancer Center, Mount Sinai School of Medicine, New York-Presbyterian Hospital, New York University/NYU School of Medicine, North Shore-Long Island Jewish Health System, The Rockefeller University, and Stony Brook University-- and joined by two industry leaders in genomics and pharmaceuticals as Roche and illumina.
For years, our neighbors to the north, in the Boston area, have been the leader in the field of commercial biomedical advances. That’s true even though New York has the world’s highest concentration of academic institutions-- and 60% of the world headquarters of pharmaceutical corporations!
According to New York’s Economic Development Corporation, NYC gets $100M in life-sciences venture capital funding per year-- about 2% of total life sciences venture capital funding in the U.S.. By comparison, the Boston/Cambridge region earns between 15-20% of the total U.S. life sciences VC funding per year.
So New York has much room to grow-- and with projects like the NYGC, I believe we will.
The establishment of the New York Genome Center is truly exciting to me as New York seeks to capitalize on its world-class medical infrastructure and create new, well-paid jobs here in our own hometown. I look forward to doing everything I can to support this new venture.
Find out more at https://www.nygenome.org and let me know if you’re as excited as I am!
Google famously began as an academic computer science project at Stanford, and most of us know that Facebook began in a dorm room at Harvard, thanks to the Oscar-winning film “The Social Network.”
Both Google and Facebook have established major presences here in New York City in recent months and years, But New York can’t easily point to many game-changing computer science innovations of its own. The new Cornell/Technion campus on Roosevelt Island will help change that.
December marks the one-year anniversary of Mayor Bloomberg selecting Cornell University (and its academic partner, Technion-Israel Institute of Technology) to build a world-class high-tech sciences campus on Roosevelt Island, right in the middle of New York City (and my congressional district!).
Cornell/Technion aims to educate the next generation of leaders who will advance technology, generate cutting-edge research, and be a significant contributor to-- and job creator for-- the New York area. It’s part of Mayor Bloomberg’s Applied Sciences Initiative, and it’s the most exciting of Mayor Bloomberg’s many visionary projects that are transforming New York for the new century.
This project, the first phase of which is undergoing the Uniform Land Use Review Process (ULURP) now, is slated to open its doors on Roosevelt Island as soon as 2017. Cornell/Technion has already begun admitting students to its program, and classes will begin in temporary space in the Google campus on Eighth Avenue in Chelsea in January, 2013.
In a sign of how significant this new research center will be, the the U.S. Patent and Trademark Office (USPTO) has opened a first-of-its-kind “Innovators Resource Center” within the Cornell/Technion offices-- an onsite resource to help entrepreneurs navigate the patent process. This is the first time the USPTO and a major research institution will join forces to give students and researchers direct access to those who will help them bring their ideas to market and grow their businesses.
Cornell/Technion is another important step in securing New York’s future at the center of American innovation. If we hope to remain competitive on the world stage, we should see to it that anyone with an innovative idea can bring that idea to market.
We learned from the recession the importance of diversification in the city’s employment base. I’m delighted that Cornell/Technion will help lead that diversification, right here in the heart of New York’s 12th Congressional District.