Two years in a row: fDi Magazine from the Financial Times ranks NYC #1 American Cities of the Future 2013/14, ahead of São Paulo and Toronto:
New York, the global hub of international business and commerce, grabbed the title for the second time in a row. Despite a knock or two, the city has continued to show its strength in surviving disasters both economic (Wall Street bail out) and natural (Hurricane Sandy). The city remains one of the world’s top destinations for investors, attracting 1.08% of global FDI. The total number of FDI projects into New York increased in 2012 with figures up 10.4% on the previous year.
New York City also ranked #1 in the categories of “Top Overall North American Cities of the Future 2013/14,” “Infrastructure” and “Business Friendliness.” Read the full report: http://bit.ly/12BhXFd
Infographic: The air cargo business at JFK International Airport is a vital piece of NYC’s economy. Read more about Port Authority and NYCEDC’s joint study released today which calls for modernization and access improvements to help boost air cargo at JFK—an industry that supports 50,000 regional jobs.
ConnectNYC Update: A Demand for Fiber from NYC Businesses
NYCEDC received over 100 submissions to the ConnectNYC Fiber Challenge, a program awarding small and medium-sized businesses and organizations with free build-out of fiber internet connectivity directly to their place of business. The applicants reflect New York City’s diverse suite of industries—with submissions ranging from manufacturing companies, co-working spaces, and incubators to arts and nonprofit organizations and technology companies. Furthermore, the call for fiber build-out rang from each of the five boroughs, highlighting the demand for fiber infrastructure expansion throughout the entire City. Read our competition update.
Why Broadband Is Good for Business
There are just 10 days left to get in your application for the ConnectNYC Fiber Challenge.
As the submission period comes to a close, we want to emphasize the importance of high-speed broadband and the impact that it can have on businesses in New York City.
Improving the city’s broadband infrastructure
Here’s a short paragraph on why the ConnectNYC Fiber Challenge is important, in the words of venture capitalist Fred Wilson. (If you haven’t read Fred’s full blog post on the ConnectNYC Fiber Challenge, definitely check it out.)
“In addition to getting a lot of local businesses high speed broadband, this contest will also give an indication to the city and local ISPs of where the most important neighborhoods are for broadband buildout. We spend a lot of time with our portfolio companies dealing with infrastructure issues around real estate and broadband and I can tell you that this is big problem in NYC. Companies that want to move to low cost neighborhoods with interesting buildings like Red Hook, Gowanus, Vinegar Hill, the Greenpoint waterfront, Long Island City, and other similar places simply cannot do that due to the lack of good broadband. If the city wants to see these neighborhoods emerge commercially, they will need to deal with the broadband problem. ConnectNYC is a nice way to get going on the problem.”
NYCEDC President Seth Pinsky agrees:
“In recent years, New York City has emerged as a global hub of technology and innovation. The ConnectNYC competition is the next important step in our efforts to build upon this momentum, expanding broadband connectivity across the City and ensuring that our broadband infrastructure meets the needs of our businesses throughout the 21st Century.”
If your business could benefit from faster internet, we urge you to enter the ConnectNYC Fiber Challenge (and spread the word to your friends)! If you haven’t already, take a look at the submission form and start drafting your answers today.
City Commences $69 Million Upgrade of Sewer and Water Infrastructure in Springfield Gardens
The New York City Departments of Environmental Protection (DEP) and Transportation (DOT) broke ground on the fourth phase of a comprehensive water and sewer infrastructure upgrade project that will help alleviate chronic roadway flooding in Springfield Gardens, Queens. The $69 million project includes the installation of 84 catch basins, approximately 2.8 miles of new sewer lines, nearly 3 miles of water mains and new streets and sidewalks.
The project, which will be managed by the City’s Economic Development Corporation (EDC), will also include the creation of a Bluebelt, a wetland that both stores and treats stormwater runoff. Using green infrastructure principles, stormwater will be collected in the newly installed catch basins and discharged into wetlands where the water will be naturally filtered. This project is the fourth phase of a comprehensive $175 million upgrade of the sewer and water infrastructure in Springfield Gardens and is expected to be completed in 2014.
Said NYCEDC President Seth Pinsky:
“Today’s announcement is another example of how the City is investing in green infrastructure projects across the five boroughs. This $69 million infrastructure upgrade will not only alleviate flooding that has affected the area for years, but will also improve the water quality in nearby Jamaica Bay, while providing improved sidewalks and open space for the residents of Springfield Gardens for years to come.”
Find out more on NYC.gov.
Photo credit: NYC DEP
Mayor Bloomberg discusses the state of the economy four years after the onset of the financial crisis:
“Let me use New York as an example – but I’m sure there are other cities that have done even better than we have. Four years ago, New York City was the epicenter of the financial collapse. But since then – despite being burdened with huge job losses on Wall Street – we have been the epicenter of the national economic recovery.
…[S]ince the beginning of the national recession, the U.S. has gained back just over 40 percent of the jobs we lost. So our country is still down 60 percent.
In New York City, we have gained back more than 200 percent of the jobs we lost. So for every job we lost, we have added two more. To put that in perspective, if the rest of the country had weathered the recession as strongly as New York City, there would be 12 million more jobs today. And that would be awfully good news for the roughly 12.5 million Americans who are unemployed right now.”
Read the Mayor’s full remarks as delivered today at a forum hosted by The Economic Club of Washington, D.C.
Photo credit: Edward Reed/NYC Mayor’s Office
The Port of New York and New Jersey is the largest on the East Coast, handling nearly 40 percent of the East Coast shipping trade, and is the third-largest port in the country, providing more than 279,000 jobs to the local economy and $12 billion in annual wages. With future cargo volumes expected to double over the next decade, the Anchorage Channel must be deepened in order to accommodate the new generation of larger cargo vessels and better position the region to benefit from growth in global trade. These new, larger next-generation “Post-Panamax” vessels also bring environmental benefits by carrying more cargo in fewer ships and cleaner fuel technology. The New York and New Jersey Harbor Deepening Project is being managed by the Port Authority and the U.S. Army Corps of Engineers and is expected to be completed in 2014.
To accommodate the dredging, a new drinking water transmission main must be installed beneath the Upper New York Bay between Brooklyn and Staten Island in order to replace two existing siphons, currently at depths of 56 feet and 60 feet. At a depth of 100 feet, the new water siphon is not only safeguarding the water supply on Staten Island, but is also a major investment in the future of the Port of New York and New Jersey. The project is being implemented and managed by the New York City Economic Development Corporation.
Find out more about NYC’s biggest infrastructure project you haven’t heard of: the replacement of the Anchorage Channel Water Siphons.
The New York Times highlights the reactivation of the 65th Street Rail Yard in Sunset Park, Brooklyn, after a decades-long effort to restore freight rail. Watch our video above on how NYCEDC is working to improve rail and maritime transit within New York City and bring industrial and maritime jobs to the City.
How to Dig a Water Tunnel between Staten Island and Brooklyn
Back in April, we introduced you to Pat, the tunnel-boring machine that will be digging a siphon or water transmission main from Staten Island to Brooklyn, which will become the Staten Island Water Siphon—the biggest NYC infrastructure project you haven’t heard of.
For engineering enthusiasts and anyone who’s interested in the mechanics of siphon construction, we’ve procured the above animation that shows exactly how the 110-ton, 300-foot-long tunnel boring machine will drill a distance of nearly two miles, 100 feet beneath the New York Harbor seabed.
The earth pressure bound tunnel-boring machine, being used for the first time in NYC as it is made specifically for use in soft ground as opposed to bedrock, will constantly move forward and simultaneously build the tunnel four feet at a time, repeating this process 2,360 times, with crews constantly building train tracks to transport workers, equipment, and dirt to and from the mouth of a tunnel.
When finished, the water siphon will allow for the removal of two existing tunnels that are currently at a much shallower depth. This in turn will enable the dredging and deepening of the Anchorage Channel, a process that is critical for accommodating increased cargo volumes and larger vessels in future years.
Find out more about this $250 million infrastructure project to spur economic development in New York Harbor.
Video courtesy of CDM/HMM Joint Venture