An effective workforce development system is key to New York City’s well-being, and this is true now more than ever. Within the first three months of the coronavirus pandemic, unemployment in the city jumped from 3.5% to 18.2%. Even with the economy rebounding in 2021, New York City’s unemployment rate remained at 10.5% in July 2021, compared to an unemployment rate of only 5.5% in the rest of the state. To prepare for the long economic recovery ahead and to ensure that this recovery is an inclusive process with equitable results for all New Yorkers, Invest in Skills NYC recommends that the incoming Mayor of New York: 1. understands the current layout and spending of the city’s workforce development system and 2. prioritizes investments in people, community and systems in order to achieve an equitable economic recovery for all New York City residents.
To this end, Invest in Skills NYC conducted research seeking to answer several key questions: How much is New York City invested—literally—in workforce development? What do we know about the operations and results of these investments? Follow the Money explores the answers to these questions and highlights gaps in the data needed to complete the picture. Additionally, we have created a one-pager with recommendations on how the next administration can invest in people, communities, and systems to create an equitable recovery and a skilled workforce.Download the Report