For decades, conversations about economic development have focused heavily around Manhattan. But the outer boroughs, especially the Bronx, which is rich with industrial corridors, health care institutions, small businesses and a growing tech sector, must be central to the state’s long-term economic growth strategy.
That’s where the Excelsior Jobs Program comes in.
Contrary to popular belief, the Excelsior Jobs Program is not a blank check. It is a performance-based tax incentive program that rewards companies in certain industries, like life sciences, advanced manufacturing, clean technology and high-tech sectors for doing business in New York.
However, according to the New York State Department of Taxation and Finance, companies must first meet annual employment and capital investment commitments before claiming exact Excelsior tax credits. If companies do not create jobs or make good on promised investments, they can’t receive the credits. This model helps protect taxpayers while encouraging real economic growth.
For the Bronx, attracting high-wage industries is essential; and the northern borough is positioned for this opportunity. The ecosystem near the Hutchinson Metrocenter, food distribution and manufacturing in Hunts Point and expanding green economic businesses are ripe with potential opportunities for growth.
When companies expand into the built-in sectors in the Bronx, the benefits ripple outward: local construction contracts, procurement opportunities for small businesses, catering contracts, workforce partnership with local universities and increased foot traffic for surrounding commercial corridors.
Economic development is not just about a single corporate relocation. It is about building an ecosystem that feeds itself and its surrounding community.
With intentional collaboration with local workforce pipelines, the Excelsior Jobs Programs can serve as a catalyst for inclusive, sustainable growth in the Bronx. Economic equity requires strategy. Excelsior is one of the tools that can help ensure that the Bronx does not just participate in New York’s economic future, but helps lead it.
Winston Peters is the interim President of the Bronx Economic Development Corporation.
