New York City’s garment manufacturing industry to get $51.3 million investment package
The New York City Economic Development Corporation (NYCEDC) in collaboration with the Council of Fashion Designers of America (CFDA) and the Garment District Alliance, will reveal Friday that it will invest a package worth $51.3 million to “help stabilize and strengthen the garment manufacturing industry in New York City.”
The investment covers technology, business technical assistance and workforce development that will be made available to factories in the five boroughs. Additionally, relocation and expansion support will be available for companies interested in moving out of the Garment District.
Specifics of the plan include grants for investment in new machinery and technology to improve competitiveness globally, training and support for workers and technical assistance and grants to cover relocation from the Garment Center to Sunset Park in Brooklyn.
“Since taking office, we’ve invested in every piece of the fashion industry, from a new academic building at FIT, to marketing assistance, to renovating space in city-owned buildings for manufacturers,” said Deputy Mayor Alicia Glen. “I’m committed not just to the stability of garment manufacturing, but to its growth.There’s a market and a demand for clothes that are Made in New York, and we’re taking bold steps to help firms move to the new space we’ve developed so they can grow and thrive.”
Steven Kolb, chief executive officer of the CFDA, said the investment will “strengthen the sector for the future. We see this as an opportunity to make the eco-system of production more city-wide at a time when the fashion industry is in need of a capital investment.”
“The future of the apparel industry is dependent upon the sustainability of the fashion ecosystem, and we believe this initiative will help to stabilize the apparel manufacturing sector that has been in decline for many years,” said Barbara Blair, president of the Garment District Alliance. “This program addresses the many challenges facing manufacturers by offering investment in technology and human capital, as well as options for affordable and modern factory spaces.”
This new package was revealed one day after the NYCEDC held its first public unveiling on rezoning within the Garment District and asked for further comment from all interested parties.
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