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New York City is doubling its investment in the life science sector. Mayor de Blasio and the New York City Economic Development Corporation launched LifeSci NYC, a program to establish the city as a leading life science market, with an initial investment of $500 million. This week, the city announced that it would increase its investment to $1 billion.

The city will make this investment over the next decade, and the initiative is expected to generate 40,000 jobs. The increased funding will allocate an additional $200 million to construction of commercial lab space and incubators; an additional $300 million to nonprofit research initiatives; an additional $5 million for the Life Sciences Expansion Fund; and an additional $5 million to invest in the LifeSci NYC Internship program.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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