New York's AI Revolution: $320 Billion Surge and Talent Magnet by 2038

May 5, 2024
New York's AI Revolution: $320 Billion Surge and Talent Magnet by 2038
  • New York is on track to become a leading center for artificial intelligence, with a forecasted $320 billion increase in the AI sector by 2038.

  • The city currently employs 40,000 AI professionals and ranks as the second-largest destination for AI company investments.

  • According to a joint report by Accenture and Tech:NYC, 90% of New York executives are actively seeking to hire more AI talent.

  • Projections indicate that AI will automate or augment two-thirds of work hours in New York within the next 15 years, significantly boosting the economy.

  • AI advancements are expected to streamline job tasks rather than replace workers, creating more equitable opportunities for younger and unconnected employees.

  • New York boasts 35 AI startups valued at over $1 billion each, and AI solutions like Ramp, Runway AI, and Dataminr are increasingly prevalent in various industries.

  • The city's diverse industry landscape, commitment to research, and support for startups and academia contribute to its ability to attract and maintain AI expertise.

  • The New York state government is investing $400 million into AI research and education with the 'Empire AI' initiative to solidify its position as an AI powerhouse.

  • Governor Kathy Hochul has highlighted the strategic importance of leading in AI to secure New York's position in the future economy.

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