Amid Anemic Job Growth & Looming Multi-Billion Dollar Deficits, Cuomo Unveils ‘NYC Works Agenda’ to Jumpstart NYC’s Economy
New Data Show Fewer than 1k Jobs Added Citywide in 1st 6 months of 2025; Slowest Growth Outside of a Recession or Pandemic in 20 years
“Nothing is affordable if you don’t have a job,” Governor Cuomo said. “We need to make New York City the best place in the nation to start a business, grow a career, and raise a family. My plan will create opportunity, strengthen our economy, and keep New Yorkers here instead of watching them leave for other states.”
View Cuomo’s Power Point Presentation Here
NEW YORK, NY – Governor Andrew M. Cuomo, candidate for Mayor of New York City, today announced his comprehensive plan to reverse the city’s alarming slowdown in job growth and restore New York as the economic capital of the world.
Citing new data showing that fewer than 1,000 private-sector jobs were added in the first half of 2025 – the slowest pace outside of a recession or pandemic in more than two decades – Cuomo warned that the combination of a slowing economy, rising unemployment, government budget deficits – estimated to be $17.1 billion over three years – and declining federal aid represents a “nightmare scenario” for working New Yorkers
“Nothing is affordable if you don’t have a job,” Governor Cuomo said. “We need to make New York City the best place in the nation to start a business, grow a career, and raise a family. My plan will create opportunity, strengthen our economy, and keep New Yorkers here instead of watching them leave for other states.”
Cuomo’s “NYC Works Agenda” focuses on three pillars:
1. Major Investment in Job Creation
Launch a five-year $1.5 billion Five-Borough Economic Transformation Capital Fund to attract major job-creating projects across all boroughs, funded within the city’s $173.4 billion capital budget and private co-investment.
Implement a 90-day fast-track review of the regulatory environment to cut red tape and accelerate business growth.
2. Innovation and Entrepreneurship
Launch NYC initiative to fuel the next generation of home-grown startups by converting underused city property into tech, clean energy, and advanced manufacturing hubs.
Offer $50,000–$100,000 startup innovation grants and five years of no city taxes for NYC-grown startups that create jobs.
Create a Global Startup Gateway to attract foreign and out-of-state entrepreneurs with incubator access and seed funding support.
3. Quality of Life Improvements to Attract Business
Invest $100 million in parks and open space to improve livability.
Boost tourism by creating cultural districts, attracting major sporting events and conventions, and streamlining permitting for global conferences.
This is the third plank of Governor Cuomo’s agenda to help build a new New York City. He previously unveiled detailed plans to combat the city’s high cost of living for those who need it the most and how to hire and retain 5,000 new NYPD officers to improve public safety. Further parts of the agenda will be unveiled in the coming days.
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