Sure, Citi Bike can help New Yorkers get around town faster, but did you know that it was also good for the economy?Earlier this week, DOT Commissioner Janette Sadik-Khan announced economic projections for the program. The first year of New York City’s new bike share system will generate $36 million in economic activity and create 170 new jobs, according to a New York City Economic Development Corporation analysis.From bike mechanics, who keep the fleet in tip-top shape to station technicians to the friendly staff at our call center working to make sure every Citi Bike customers’ questions are answered anytime day or night, these new employees will receive competitive hourly wages and good benefits, while working to make travel around New York City easier and more fun.And those hires are just the beginning. When the system expands from 6,000 bikes at 330 stations to 10,000 bikes at 600 stations, there will be a whole lot more opportunities and many millions more in economic activity generated. Even better, the program is funded without any taxpayer subsidy, relying entirely on sponsorship from Citi Bank and MasterCard, as well as financing from the Goldman Sachs Urban Investment Group.In addition to job creation, Citi Bike’s launch shows promise in enhancing the local economies of the neighborhoods it serves. DOT’s Measuring the Street report, issued last fall, documented the significant impact transit improvements and better street designs can have on real estate values, local economies and small businesses throughout the city.

Citi Bikes Boost for the NYC Economy — Motivate

Citi Bikes Boost for the NYC Economy

Sure, Citi Bike can help New Yorkers get around town faster, but did you know that it was also good for the economy?Earlier this week, DOT Commissioner Janette Sadik-Khan announced economic projections for the program. The first year of New York City’s new bike share system will generate $36 million in economic activity and create 170 new jobs, according to a New York City Economic Development Corporation analysis.From bike mechanics, who keep the fleet in tip-top shape to station technicians to the friendly staff at our call center working to make sure every Citi Bike customers’ questions are answered anytime day or night, these new employees will receive competitive hourly wages and good benefits, while working to make travel around New York City easier and more fun.And those hires are just the beginning. When the system expands from 6,000 bikes at 330 stations to 10,000 bikes at 600 stations, there will be a whole lot more opportunities and many millions more in economic activity generated. Even better, the program is funded without any taxpayer subsidy, relying entirely on sponsorship from Citi Bank and MasterCard, as well as financing from the Goldman Sachs Urban Investment Group.In addition to job creation, Citi Bike’s launch shows promise in enhancing the local economies of the neighborhoods it serves. DOT’s Measuring the Street report, issued last fall, documented the significant impact transit improvements and better street designs can have on real estate values, local economies and small businesses throughout the city.