New York City is known as one of the most culturally diverse cities in the world. While the definition of a smart city is not fixated, New York focuses on equity where everyone has fair quality of living – access to public facilities, education, mobility, and more. By 2050, it has been reported that 70% of the world’s population will reside in major cities (United Nations) and New York is not an exception. With population density increasing in all major cities, investment opportunities in various areas such as waste management, cyber security, transportation, and building infrastructure are expected to increase with New York expected to become one of the most active cities (GDP figure of $1.7 trillion in 2017 and continually increasing).
As part of New York’s efforts to ensure the better quality of all its citizens, New York City Economic Development Corporation (NYCEDC) is a local organisation aiming to further improve the city, emphasising on prioritising the needs of people and communities first. Some of the past projects include Applied Sciences NYC ($33 billion+ economic impact, 48,000+ jobs, and 1,000 spin-off companies) and Rockway Boardwalk. There are many ongoing projects as well such as Brooklyn Queens Connector, Sunset Park Vision Plan, and Manhattan Waterfront Greenway. These projects will connect more than 300,000 residents with tens of additional public transportation lines, create tens of thousands of jobs, and provide open space for networking green culture. Many corporations and organisations are attracted to New York as it is a key hub for smart industry. The venture capital funding in 2018 reached $13 billion and will continue to increase.