According to a report by Accenture and Tech:NYC, New York is on track to experience an artificial intelligence boom worth $320 billion by the year 2038, largely due to the city’s home-grown talent. Currently, New York has 40,000 AI professionals and is the second biggest venue for raising funds for AI companies. The report also indicates that NYC’s talent pool is essential for the success of the city in the AI economy, with 90% of executives agreeing that bringing in more talent is necessary for growth.
The study predicts a significant increase in the number of AI professionals in the next three years as companies in the city strive to attract more talent. By 2038, the report suggests that two-thirds of working hours for New Yorkers will either be automated or augmented by AI, resulting in a significant boost to the economy. While the study emphasizes that most jobs will be simplified rather than replaced by AI, it also notes that AI will level the playing field for younger workers and those without connections, as skills will be prioritized over pedigree or experience.
New York benefits from utilizing AI in various sectors, unlike cities like San Francisco that are primarily focused on technology. From finance to media to fashion, NYC is implementing AI in unique ways across multiple industries. The city is already home to 35 AI “unicorns,” valued at over $1 billion, with many AI companies being used widely by regular workers. For example, Ramp, Runway AI, and Dataminr are just a few of the successful AI companies operating in the city.
Grace Isford, a partner at Lux Capital, believes that NYC is on track to become a major tech hub for AI due to its vibrant cultural scene, access to research labs, and a large population of immigrant entrepreneurs. The city’s ability to recruit top talent and customers is seen as a key factor in its potential for AI growth. To attract and retain new talent, New York must invest in research, support startups, and collaborate with academic institutions. Institutions like Columbia, Cornell, and NYU are already home to AI research labs that are contributing to the growth of AI in the city.
New York is also pushing to establish itself as a hub for AI, with Governor Kathy Hochul announcing a $400 million investment in AI research and education. The “Empire AI” program involves creating a consortium of seven universities to invest in computing labs, research, and student education. Governor Hochul believes that dominating the AI industry will be crucial in shaping the future and wants New York to lead in this area. By investing in research, supporting startups, and fostering collaboration between academic and corporate entities, New York is poised to become a dynamic and vibrant sector for AI in the coming years.
