Economic development strategies often recommend that communities target key industries in which the community has apparent or potential competitive advantage. In Maryland, focus has often been placed on industries like the life sciences, cyber security and government contracting. The recent experience of New York City suggests there is an alternative approach – simply offer an attractive and interesting place in which to conduct business, and job growth and opportunity will follow.
According to writer Patrick McGeehan, New York City has created more jobs over the past five years than during any five-year period in the last half century. One might think that this job growth is attributable in large measure to financial services, one of the many industries in which New York enjoys competitive advantage. But that is not the case.
The City has added approximately 425,000 jobs since the end of 2009, raising total city employment to 4.1 million jobs. But this time, the high paying securities industry has accounted for less than 1 percent of the net new jobs added, compared to 10 percent of all private jobs added during the 1990s. Today’s job growth is being driven by a multitude of expanding industries.
