Overview
Nowhere in America are the past and future benefits of globalization more clearly manifest than in New York City. And nowhere in America is there a better microcosm of the opportunities that are still to be realized from foreign investment than in the prospects for revitalization of the Upstate New York economy.
New York’s economic success is increasingly dependent on business operations established here and controlled by foreign-owned companies, known as Foreign Direct Investment (FDI). New York City has done well in attracting foreign capital, but still ranks far behind London and other competitors.
This Partnership for New York City report sizes the impact of FDI on New York’s economy, identifies New York’s international competitors, and provides recommendations for how New York City can maximize the benefits of FDI.
455K
FDI was responsible for over 455,000 jobs statewide in 2004.
$48B
FDI accounted for nearly 10% of the city’s economy or $48 billion in 2004.
Report Highlights
New York and the U.S. have an opportunity maximize the benefits of foreign direct investment for domestic economic growth:
Spread the Success
Strategic economic development and procurement policies on the part of the state could attract back office, data and support operations of growing foreign multinationals to Upstate regions
Market New York and the Nation as Open for Business
Nearly 50% of existing foreign investors in the U.S. feel that they will get better value (and less political resistance) elsewhere. Urgent action is needed to persuade them otherwise.
Focus Resources
Both the Empire State Development Corporation and the New York City Economic Development Corporation should position themselves now to attract FDI from key emerging economies
Key Takeaways
Over the next two to three decades, the opportunity exists for New York to provide the rest of the nation with a model of how to develop foreign direct investment as a source of economic growth, jobs and global linkages.
The Partnership for New York City continues to be a leading advocate for city, state and national policies that will improve domestic output, including investment in education, strengthening our talent pool, and encouraging innovation.