New York City’s industries account for 15% of private-sector employment in the Big Apple. With median wages of $50,400 per year, these manufacturing jobs are what the New York City Economic Development Corporation (NYCEDC) calls “an important pathway to the middle class.” Now, NYCEDC will help manage a public-private fund that offers low-interest loans to industrial startups. Along with a multi-million dollar Advanced Manufacturing Center, it’s part of NYC’s multi-faceted Industrial Action Plan.
Recently, Mayor Bill De Blasio and City Council speaker Melissa Mark-Viverito visited the Greenpoint Manufacturing and Design Center (GMDC) to announce new attempts to strengthen NYC’s industrial sector. According to NYCEDC, the Industrial Action Plan includes the creation of a $150-million fund to encourage the development of affordable manufacturing space. As GMDC explains on its website, Brooklyn’s “remaining industrial spaces” are already home to successful “small-scale, small-batch manufacturing”.
NYC’s new Industrial Action Plan also includes $37 million to support 36,000 existing jobs and 13,300 new innovation economy jobs in Sunset Park, a busy neighborhood on Brooklyn’s west side. In addition, NYCEDC reports, the initiative will dedicate up to $10-million to create a state-of-the art advanced manufacturing center. New industrial career-centers are also expected to open across the City.
The 10-point plan that Mayor De Blasio announced falls into three broad categories. First, NYC will protect and strengthen its core industrial areas or industrial business zones (IBZs). Second, the City will invest in the long-term development of manufacturing companies. Finally, New Yorkers will receive training and education for the factories of the future, which will be very different from traditional notions about manufacturing.
Are you excited about NYC’s new Industrial Action Plan? What advice would you offer to entrepreneurs who want to launch manufacturing startups in the Big Apple?
