One of the primary reasons why New York City emerged from the recession faster than the rest of the nation is because people have confidence in our city. More and more businesses are opening their doors or expanding here — and that’s because they believe in New York. They believe in our future.
Businesses always gravitate to the places where they can find the best talent. And the most talented people always gravitate to where they can find safe streets, good schools, beautiful parks and exciting cultural activities. There is no other place in the country that is delivering as much in all of these areas as New York City. That’s why, even during the worst economic downturn that Americans have faced in generations, businesses are continuing to move in and invest in our city.
Case in point is Pearson PLC — one of the largest education and publishing companies in the world. Last week, this London-based firm announced that it will expand its presence here, bringing some 600 high-paying media and technology jobs to our city. At the same time, Pearson is relocating all of its New York City operations to new space in the burgeoning neighborhood of Hudson Square, which has emerged over the past decade as an exciting commercial hub for a range of creative and innovative companies. Pearson’s expansion and relocation will only further enhance our city’s reputation as a capital for media, publishing, and technology.
Another major business that’s signaled its confidence in New York City’s future is Century 21. The legendary retailer, famous for its great discounts and beloved by generations of New Yorkers — not to mention visitors from around the world — opened a new store on the Upper West Side last week. It is also planning to expand its flagship location in Lower Manhattan with three new floors of retail space. Together, these moves are creating some 700 new jobs — jobs that our Department of Small Business Services has been working closely with Century 21 to fill.
And for one more example demonstrating the confidence that businesses have in New York City, just take a look at 7 World Trade Center. When the 52-story tower was rebuilt five years ago, many predicted that it would be difficult, maybe even impossible, to fill it with tenants. But last week, the building announced that it had leased out its final three floors. The tenant is the financial firm MSCI, which joins a range of companies at 7 World Trade, including law firms, publishing companies and the New York Academy of Sciences.
While many New Yorkers are still without work, it’s clear that businesses are increasingly confident that our economy is headed in the right direction. And we’re making sure that faith is not misplaced — by continuing to enhance our quality of life, diversify our economy, invest in small businesses, support innovation, and steer our city towards a brighter future.