Overview
A deep and diverse supply of talent has propelled New York City to its status as a global capital of business and finance. New York is well established as the destination of choice for professional, entrepreneurial and creative talent from across the nation and around the world.
Aon and the Partnership for New York City collaborated on this study to identify actions that could sustain New York City’s long-term competitiveness. This study focuses on key drivers that assist in creating an enabling environment for industry and talent, by comparing New York City to other relevant global locations across specific drivers. The study encompasses a wide array of information, including qualitative and quantitative assessments.
70%
of the 8.25 million New Yorkers are in the working age population bracket, while the national average stands at 62%.
37%
In 2011, 37% of New York City residents were foreign born.
Report Highlights
A number of factors are contributing to the potential erosion of New York’s talent value proposition:
Restrictive Immigration Policy
National immigration policies have seriously constrained what had long been a continuous flow of new foreign talent to New York.
Housing Costs
High costs of housing and private education are making it increasingly expensive to maintain a comfortable lifestyle.
Talent Supply
Rapid job growth in the tech and creative industries is outpacing the supply of qualified workers.
Key Takeaways
Research revealed ideas that should be condsidered to reinforce New York City’s value proposition:
Market the City
Market the City to young talent, perhaps in connection with industry college recruitment programs.
Affordable Housing
Expand public-private initiatives dedicated to the development of affordable workforce housing.
Academic Collaboration
Create an institution or agency dedicated to building and reinforcing partnerships between industry and academia.