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President’s Plan Would Create 70,000 Jobs in New York City

President’s Plan Would Create 70,000 Jobs in New York City

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Rep. Nydia M. Velázquez (D-NY) today unveiled a new report detailing how the President’s recently proposed “American Jobs Act” would boost job growth in New York City.  Compiled from a range of data sources, the report finds New York City could gain 70,000 jobs through passage of the “American Jobs Act.” Such a rise in employment would cut New York City’s unemployment rate from the current 8.7 percent to 7 percent.

“Families in New York are struggling to get by and cannot afford to wait,” Velázquez said. “Congress, also, cannot delay and should pass this legislation immediately.”

The report finds that the 467,000 small businesses in New York City would save $381 million through a planned payroll tax holiday in the American Jobs Act. In addition, by extending 100 percent expensing for businesses, the tax provisions could generate more than $450 million in new spending in New York City.

“Small businesses are the cornerstone of our City’s economy and the American Jobs Act would empower them to expand and create jobs,” said Velázquez, who is the top Democrat on the House Committee on Small Business.

New York City’s construction industry, which has been particularly hard hit by the downturn would also benefit. Employment in the City’s construction industry has dropped by 20,000 positions between 2008 and 2010 and the number of projects has fallen by 700.  The American Jobs Act would provide $50 billion in immediate investments for highways, transit, rail and aviation, helping to modernize infrastructure. In addition, the White House is proposing $25 billion to modernize schools. The report issued Friday finds that New York City’s share of this funding would support more than 27,000 construction jobs.

“The construction sector has always been an important source of good jobs for working families in New York,” Velázquez said. “With the American Jobs Act, we can put New Yorkers back to work rebuilding our schools, improving our roads and upgrading our transit system.”

In addition to boosting private sector employment, the report finds that New York City would benefit from new resources to keep first responders and school teachers employed.  Funds from the act could support up to 6,552 education-related jobs in New York City and over 1,057 first responder positions.

“Firefighters, police officers and teachers are vital to keeping our communities safe,” Velázquez noted. “With New York facing severe budget cuts, the funds from this act would keep these valuable public servants employed and performing their vital roles.”

The President’s bill has been sent to Congress where it awaits action. Last week, Velázquez called for the Chairman of the Small Business Committee to take up the bill and consider it immediately. Democrats have been calling for swift passage of the measure, but Republicans, who control the House of Representatives, have made no commitment to considering the bill, nor put forth a job plan of their own.

The report may be downloaded by clicking here.