Investing in New York's Economy
New York is in an economic boom; seeing the lowest unemployment rate in decades. Employers are growing and hiring statewide, however they continue to be stymied by finding the right talent. Conversely, thousands of New Yorkers haven’t enjoyed an economic recovery and are still on the sidelines or lack the skills for the available job openings. We have a skills gap, that continues to grow; As detailed in the State of the Workforce Report: 41% of New Yorkers have a high school diploma or less and the young adult unemployment rate is more than double the state rate at 10.5% with New York City at a rate of 14%. Additionally, nearly 22% of New York’s workers are ages 55 and older, further exacerbating the skills gap and worker shortage.
To that end, Invest in Skills NY is an advocacy partnership between the employers, economic and workforce development community with the message that it is vital that the Governor and NYS Legislature to make a skilled workforce an economic priority. In 2018 the NYS Governor announced in his State of the State a historic investment in defining and funding a skills agenda. Now is the time to have the collective voice of the business, workforce and economic development share why investing in skills can transform our labor markets statewide and increase opportunity for all New Yorkers.
On January 2, the NYS Governor announced his support of a “skills agenda” this year. This is an incredible opportunity to leverage momentum for this historic investment and to influence the implementation. However, without a long-term funding strategy or input from the front line of implementers this initiative will fail.
- Establishes $175 Million Consolidated Funding Application for Workforce Investments in Emerging Fields through the Regional Economic Development Councils
- Creates Office of Workforce Development to Oversee State's Investments and Execution -- Headed by New Director of Workforce Development
- Launches One-Stop Shop to Help Workers and Businesses Navigate Workforce Development Programs
- Enforces Strong Accountability Standards for Program Performance and Employs State-of-the-Art-Data Analytics to Strategically Target Local Workforce Needs Across the State.
This is an incredible opportunity to leverage momentum for this historic investment and to influence the implementation. However, without a long-term funding strategy or input from the front line of implementers this initiative will fail.