POLICY ISSUES: ECONOMIC DEVELOPMENT  

Increasing economic development and growth in the Bronx is a primary focus of Bronx Borough President Ruben Diaz. Accordingly, he seeks to create a positive climate for businesses and foster public/private partnerships to improve the Bronx economy. The Borough President is working to provide economic growth for all Bronx residents by developing the real estate market, increasing the number of jobs, improving transportation access, and enhancing the quality of life. 

PROMOTING DEVELOPMENT
Developers know the Bronx is booming and they have invested billions of dollars in Bronx real estate in recent years. Annual investment in real estate increased by 331% from 2002 through 2007. During the last 6 years, almost $3.4 billion was invested in residential development. In 2007 alone, developers invested $925 million in 6,215 newly built or reconstructed housing units. Along with this development, the Borough President expects developers to be good citizens and buy from Bronx businesses, employ Bronx residents, listen to community concerns and utilize sustainable development practices.  

CREATING JOBS 

Connecting Residents with Jobs
Job training programs help workers develop skills to make them more competitive in the labor market and increase their chances of finding good jobs. In 2004, the Borough President released “A Guide to Job Training and Placement Programs”, a comprehensive listing of programs for job training and placement and employment services for Bronx residents. 

Encouraging Developers to Buy Bronx
Developers benefit from doing business in The Bronx, and Borough President Diaz is working to ensure that residents also benefit. The Borough President encourages developers to contract with Bronx businesses and employ Bronx residents by participating in the “Buy Bronx” campaign. In turn, developers have received skilled labor, competitive prices, and high quality materials. Over 500 Bronx businesses have registered with “Buy Bronx”.

Promoting Office Development

The Borough President promotes office development as an engine of economic growth and jobs. New first class office developments, including Fordham Place, Hutchinson Metro Center and the Hub will provide hundreds of new jobs and strengthen commercial districts. 

Retaining Manufacturing Industry
Borough President Diaz encourages manufacturing businesses wherever possible, as a source of jobs with good growth and earnings potential, particularly in the City’s designated Industrial Business Zones. In 2006, the Borough President released “It’s Not Easy Being Green”, a report that outlined proposals to grow the local green manufacturing industry.  

Developing Retail Centers
Borough President Diaz wants to attract national retailers to The Bronx who want to reach the New York City market and find affordable space. New large retail developments like the River Plaza Mall, Gateway Center at Bronx Terminal Market and the future Shops at the (Kingsbridge) Armory will provide millions of new square feet for retail, new shopping choices for residents and thousands of new jobs.  The borough’s draw for national retailers offers redevelopment opportunities along with retail services for residents.  The challenge is to balance these new jobs with employment options offering good benefits and wages. 

IMPROVING TRANSPORTATION
To remain competitive in the 21^st century’s world economy, the region’s infrastructure for moving goods, people and information must be competitive, offering the highest level of service and technology.  The Borough President’s transportation policy aims to expand and improve our freight and passenger systems, and fully utilize harbors and rail freight yards for goods and passenger movement.

ENHANCING QUALITY OF LIFE
Borough President Diaz wants to stimulate the local economy, making the Bronx a place where people want to live and work. Promoting local cultural institutions and programs, and protecting the history, heritage and physical beauty of neighborhoods all contribute to the quality of life in Bronx communities.  To carry out these goals, Borough President's office has initiated the following: Bronx Children’s Museum, Bronx Center for the Performing Arts, Bronx Historic Preservation Task Force, and The Bronx Beautification and Quality of Life Initiative.