We are in the midst of a tech talent boom in the five boroughs. According to a recent study, more tech workers will move to New York than any other city in 2023. New York City saw a 3.6 percent net gain in tech talent last year, accounting for 15 percent of all those who moved here for tech jobs.
Data like this shows why New York City is uniquely positioned to lead the charge in the AI revolution. The best and brightest want to work here, and New York business leaders plan to meet those workers with their investments: A new report from Tech:NYC and Accenture found that 99% of C-suite executives Generatives plan to increase their spending in AI, and 92% plan to hire new AI talent in the next three years.
But we should not rest on these positive signs. If we want to become a leading AI center, we need a thoughtful and deliberate approach to deploying technology that will ultimately generate more economic value than an overly aggressive or overly cautious approach. That means implementing a people-centric approach to AI adoption that focuses on augmenting work with creative AI — not necessarily replacing it — while providing local New Yorkers with high-growth jobs. Training should be given to those who will create this technology.
We think that might be easier said than done when you consider the vast possibilities AI holds for the industries that call New York home. From finance to healthcare, entertainment to transportation, AI is increasing efficiency, increasing productivity, and driving innovation at an unprecedented pace.
Take, for example, the financial industry, which forms the lifeblood of our city's economy. With AI-powered algorithms and machine learning models, financial institutions can analyze vast collections of data in real time, identify patterns and make informed decisions with lightning speed and accuracy. This not only enables them to stay ahead of market trends but also ensures greater transparency, accountability and protection for investors and consumers.
Similarly, in healthcare, AI is revolutionizing the way diseases are diagnosed, treated and managed, saving lives and improving outcomes in the process. By leveraging AI-powered diagnostics, predictive analytics, and personalized medicine, healthcare providers can deliver more tailored and effective treatments, leading to better patient care and healthcare. costs can be reduced—a win-win for all.
The prospects for improved efficiency and productivity are exciting to say the least, and represent a generational opportunity for growth. But rather than moving toward this development in any imperative way, Tech:NYC and Accenture found that adopting a responsive, people-centered approach to AI focused on the deliberate effort that people be centered and innovation can have an economic value of $320 billion. New York over the next 15 years—much more of an aggressive approach, one that promoted more short-term productivity at the expense of fewer long-term gains.
Realizing this vision requires more than just investing in technology—it requires a concerted effort to nurture talent, foster collaboration, and build an inclusive tech ecosystem that all New Yorkers can access. Provide the power to thrive in the digital age. We need to bring together industry leaders, policymakers, and community stakeholders to create policies and take actions that promote innovation, diversity, and equity in the technology sector.
In 2021, the Queens Chamber, with support from Tech:NYC and industry leaders including Amazon, Google and Meta, launched the Queens Tech Council, to focus on building an economy that embraces innovation and embraces technology. can promote Since then, we've launched tech incubators in Rockaways, Jamaica, Long Island City and Jackson Heights to ensure every corner of the borough can benefit. And now with the launch of the Queen's Innovation Foundation, we're poised to raise millions to support 15 tech startups that are 70% MWBE owned and operated. Initiatives like the Queens Tech Council show how other outer borough communities can now build the infrastructure to ensure the economic impact of AI is felt by people in New York's most diverse neighborhoods, not just In the traditional business centers of Manhattan.
It is equally important that we create a constant feedback loop between local tech and business leaders, policy makers and academics to understand the emerging needs in workforce development, regulation and business development. We must understand that however effective AI is for our city, the programs and policies we deploy must evolve to take advantage of this technology.
Together, we can harness the transformative power of AI and technology to build a brighter, more prosperous future for all New Yorkers. By embracing innovation, fostering collaboration, and investing in our people and communities, we can ensure that New York City remains at the forefront of the global economy for generations to come.
Grech is president and CEO of the Queens Chamber of Commerce. Velázquez is vice president of policy at Tech: NYC.