financetom
Economy
financetom
/
Economy
/
AI-focused developers help fuel New York City life, city agency chief says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
AI-focused developers help fuel New York City life, city agency chief says
Nov 19, 2025 12:59 PM

NEW YORK (Reuters) -New York City companies focused on artificial intelligence, which rely on human interaction to grow, are boosting office leasing and inspiring the return of workers to the city, said Andrew Kimball, president and CEO of New York City Economic Development Corporation.

The industry-wide trend started in the San Francisco Bay Area, where major AI developers are based, following the launch of ChatGPT three years ago.

"The percentage of companies that are calling themselves AI companies, no matter what the sector they're in, is just going up, up, up," Kimball said at the Reuters Momentum AI Finance conference in New York on Tuesday.

New York is aiming to attract top talent and businesses in the AI wave, which will boost office leasing and street activity, he added.

"What I hear over and over again, what I've seen with my own eyes ... is, in companies that are AI-focused, they're not talking about being back three or four days a week to the office," said Kimball. "They are in seven days a week. Because that human interaction is so critical to the success of their output."

Kimball addressed the fear that some workers will lose their jobs as AI replaces them in repetitive or data-intensive tasks.

"There's going to certainly be shaking out, there's going to be some jobs lost, there's going to be some jobs that are augmented," said Kimball. "But I think everything I have read and seen, ... is that New York is a net winner (from AI)."

Kimball, who was appointed in February 2022 by New York City Mayor Eric Adams, said he would "love to keep serving the city." But Mayor-elect Zohran Mamdani has yet to announce who will head the EDC.

Mamdani's office did not respond to a request for comment.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
November S&P Global US Flash Manufacturing, Services Measures Both Increase
November S&P Global US Flash Manufacturing, Services Measures Both Increase
Nov 22, 2024
09:57 AM EST, 11/22/2024 (MT Newswires) -- The November flash reading of manufacturing conditions from S&P Global rose to a four-month high 48.8 from 48.5 in October, slightly below an expected reading of 48.9 in a survey compiled by Bloomberg as of 7:30 am ET. The index still suggests contraction in the sector, which is in line with the Philadelphia...
Factbox-Most brokerages retain expectations of 25-bps rate cut from US Fed in December
Factbox-Most brokerages retain expectations of 25-bps rate cut from US Fed in December
Nov 22, 2024
(Reuters) -Major brokerages reiterated their view of a 25-basis-point (bp) interest-rate cut by the U.S. Federal Reserve in December after U.S. consumer prices for October increased as expected, even as Fed Chair Jerome Powell indicated there is no need to rush rate cuts given strong U.S. economy. The consumer price index (CPI) rose by 2.6% in October, data showed on...
US business activity gauge rises to 31-month high in November
US business activity gauge rises to 31-month high in November
Nov 22, 2024
WASHINGTON (Reuters) - A measure of U.S. business activity raced to a 31-month high in November, boosted by hopes for lower interest rates and more business-friendly policies from President-elect Donald Trump's administration next year. S&P Global said on Friday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 55.3 this month. That...
US Dollar Rises Early Friday Ahead of Flash PMI, Michigan, KC Fed Services
US Dollar Rises Early Friday Ahead of Flash PMI, Michigan, KC Fed Services
Nov 22, 2024
07:48 AM EST, 11/22/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, before the release of S&P Global flash PMI estimates for November at 9:45 am ET, the University of Michigan's preliminary sentiment reading for November at 10:00 am ET, and the Kansas City Federal Reserve's services...
Copyright 2023-2026 - www.financetom.com All Rights Reserved