New NYC EDC President Addresses Challenges in the Real Economy.
New York City’s economic landscape has undergone significant transformations over the past decade, shifting from traditional pillars of finance and technology to the often-overlooked realm of healthcare and social services. This change is encapsulated by the story of a home health aide in Brooklyn—an emblematic figure of the city’s job market evolution. Working within the broader context of healthcare and social assistance, she represents a substantial portion of the workforce that has blossomed, particularly given that this industry has added a notable 351,000 jobs since 2015, with over half of these positions concentrated in Brooklyn. However, her annual salary of approximately ,000 falls short of making housing affordable in a city where the median rent exceeds ,200 monthly.
Despite a notable rise in job creation, the benefits of this growth are not universally felt. A recent report by the Association for a Better New York and the New York City Employment and Training Coalition highlights a worrying trend: the increase in job numbers does not necessarily equate to improved living standards for many New Yorkers. As of 2025, the city reached an unprecedented employment level of 4.65 million jobs, marking a 3.6% increase over pre-pandemic figures. Yet, many of these jobs remain low-wage, making it difficult for individuals to sustain themselves, much less thrive, in one of the nation’s most expensive cities.
The report indicates a widening economic divide, particularly impacting marginalized communities. Black New Yorkers alone have experienced a rise in unemployment rates over the past decade. Statistical evidence reveals that the Bronx’s unemployment rate stands at 8.2%, compared to 5.4% citywide. Furthermore, a stark disparity exists between workers with and without bachelor’s degrees, as nearly two-thirds of local jobs do not require a four-year college education but pay significantly lower wages.
Almost 1.4 million residents are employed in positions where wages have stagnated or decreased in real terms since 2019. For a single parent with one child, meeting basic living expenses requires approximately 3,000 annually—an income rarely matched by fast-growing sectors.
In light of these challenges, both organizations have called on city leaders to integrate workforce strategies into major investments. This includes prioritizing housing, transit, clean energy, advanced manufacturing, and public infrastructure, all of which must be accompanied by comprehensive workforce planning. Proposed strategies emphasize the importance of talent pipelines, apprenticeships, and fruitful employer partnerships.
Moreover, New York City must recognize skills development as a vital component of its economic infrastructure. Enhanced coordination within the workforce system, active employer participation, and sustained investment in training resources are essential to transforming job creation into long-term career opportunities. As the market adapts under technological advancements, particularly the rise of artificial intelligence, a culture of lifelong learning must take precedence, ensuring that residents have access to training as their careers evolve.
Under the stewardship of the new Economic Development Corporation President and CEO, Tony Shorris, there is an opportunity to forge an inclusive economy focused not just on job numbers, but on the quality and livability that employment provides. By fostering collaboration between community organizations, labor, educators, and employers, New York City stands poised to create an economy that supports its workers, allowing them to build secure and prosperous lives.
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