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New JPMorgan Chase HQ Triggers Billions in Economic Growth for New York
With about 8,000 jobs created and $2.6 billion added to New York City’s economy, JPMorgan Chase is proud to help fuel NYC and sends gratitude to the construction workers who made this possible.
JPMorgan Chase is reinforcing its commitment to New York City with its new headquarters, currently under construction in Midtown Manhattan. Once completed, the 60-story skyscraper will be the city’s largest all-electric tower. During the building period alone, the project is expected to create about 8,000 new construction jobs, triggering additional economic activity of $3.6 billion for New York State, including $2.6 billion for New York City.
The new headquarters will allow JPMorgan Chase to house 14,000 local New York-based employees. As one of the city’s largest private employers, the company and its people play a vital role in the local economy, both as workers and as customers of local restaurants, retailers and service providers.
An independent study by Deloitte found that JPMorgan Chase’s employees and operations contribute $29.8 billion in annual economic activity to New York City, stimulating an additional 40,000 jobs across local industries. The firm’s activities also help to contribute a total of $39.8 billion annually to New York State’s economy, helping to stimulate an additional 61,000 jobs overall.
Construction on the new building, set to be completed in 2025, has reached its halfway mark—an achievement made possible by the efforts of more than 1,200 local construction workers who are on-site each day. In recognition of their efforts, JPMorgan Chase Chairman and CEO Jamie Dimon joined Gary LaBarbera, President of the Building and Construction Trades Council of Greater New York, to personally thank the workers, who represent 40 local trade unions.
“You are an exceptional group of men and women, and we are so proud of what you do. No one works harder than you do–in all kinds of tough weather conditions, including New York City humidity, doing a very difficult job. You are building this incredible building, in the best city on the best block,” Dimon told the crowd gathered on the 9th floor of the site, which will be one of the building’s eight trading floors.