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August Economic Snapshot: Ferry Transit in New York City

 |  NYCEDC

edc ferry

By Kristina Pecorelli, Assistant Vice President, Economic and Research Analysis 

A new, affordable means of transportation to waterfront communities in New York City is coming soon...

Citywide Ferry Service! 

With service set to launch in 2017, water transit in NYC is the focus of our August 2015 Economic Snapshot.

History of NYC's Ferries 

Ferry service between Manhattan and what are now Governors Island and Brooklyn dates back to the 1630s.

By 1870, the ferry...

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Venture Capital in New York, Q1 2015

 |  NYCEDC

tech trends

By Kyle Marks, Project Manager, Economic Research and Analysis

The latest figures from CB Insights and PricewaterhouseCoopers indicate a strong start to 2015 for venture capital investment in New York.

New York’s total VC funding grew to $1.33 billion in Q1 2015, up 33% from Q4 2014. VC deals were down 15.4% from the previous quarter.

vc trends q1 2015

More Report Highlights:

  • New York’s total VC...
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June Economic Snapshot: Immigrant Employment Trends

 |  NYCEDC

June Snapshot

By Christian Johnson, Economic and Research Analysis Research Fellow

NYC is home to the largest immigrant population of any city in the U.S.  

While foreign-born immigrants comprised 13.1% of the entire U.S. population and 16.5% of the U.S. labor force in 2013, foreign-born immigrants accounted for 37% of all NYC residents and 46% of the NYC labor force. 

Foreign-born workers are not only able to find work in NYC, but have also found opportunities to grow businesses of their own; a disproportionate share of incorporated businesses in NYC, 47.6%, are owned and operated...

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May Economic Snapshot: Housing and Residential Construction

 |  NYCEDC

construction snapshot

By Ivan Khilko, Senior Project Manager, Economic Research and Analysis

In May 2014, Mayor De Blasio announced his Housing New York plan.

Its main goal: to build 200,000 units of affordable housing across New York City by 2024.

The plan was in response to a significant crunch in housing availability for the majority of New Yorkers whose incomes are not high enough to be able to afford the quickly rising rents.

Unlike median rents, which were not brought down by the recession, average wages fell significantly from a high of $95,000 in 2007 to a low...

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April Economic Snapshot: Energy and the Environment in New York City

 |  NYCEDC

skyline stock

By Kristina Pecorelli, Senior Project Manager, Economic Research and Analysis 

Global climate change is widely considered one of the greatest challenges of our time.

In a report released earlier this year, the New York City Panel on Climate Change (NPCC) predicted that NYC will experience rising temperatures and heavier rainfall over the coming decades. When coupled with...

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March Economic Snapshot: Research and Development in the Life Sciences

 |  NYCEDC

life sciences

By NYCEDC's Economic Research and Analysis Team

NYC's life sciences ecosystem is growing.

While the dense, urban space that characterizes New York City may be the bane of our rental rate woes, the geographic proximity it provides is an asset for research and development. Studies have found that the returns to R&D investment are high when academic research and commercial development are close enough to meet up for coffee.

In the March 2015 Economic Snapshot,...

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Tech Trends and Insights, Q4 2014

 |  NYCEDC

By Kyle Marks, Project Manager, Economic Research and Analysis

New York's Internet sector attracted the largest share of NYC's venture capital investment in 2014. 

The latest figures from CB Insights and PricewaterhouseCoopers indicate continued growth of venture capital funding in New York in 2014.

New York’s total VC funding grew 53% year-on-year, while VC deals were up 7% compared to 2013. New York’s 92 deals and $1 billion in total funding for Q4 2014 were down from Q3’s 122 deals and $1.4 billion in funding.

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February Economic Snapshot: Fashion in New York City

 |  NYCEDC

fashion runway

By Kristina Pecorelli, Senior Project Manager, Economic Research and Analysis 

Fashion is a key legacy industry in NYC.

According to the Global Language Monitor, a technology firm that tracks the worldwide frequency of words and phrases used in the media and on the Internet,...

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Education Technology in New York City

 |  NYCEDC

edutech stock

By Ivan Khilko, Senior Project Manager, Economic Research and Analysis

New York City is an ideal environment for education technology startups.

With steady sources of funding, as well as access to one of the largest school systems in the country, new companies are able to test their products on a total of two million students (a quarter of the city’s population) and 347,000 teachers (nine percent of the total workforce). CUNY, with more than 480,000 students, is the city's largest public higher education system and twice as large as the entire University Of California system.

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Using MTA Turnstile Data To Examine Land Use

 |  NYCEDC

By Kevin McCaffrey, Senior Project Manager, Economic Research and Analysis 

Subway commuting data can offer clues to the residential and commercial use of space in the city.

Like any major city, New York City has some areas that are more residential and some that are more commercial. Getting a better understanding of where people live, work, and commute to can help to inform planning decisions that will support economic and residential growth development in new and emerging areas.

For example, you might think that people work in more commercial areas like Midtown and Lower Manhattan, and live in more residential areas like Upper Manhattan and the other boroughs. The MTA's turnstile data, which counts each rider who enters the subway system...

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