The New York City Economic Development Corporation http://www.nycedc.com/Pages/HomePage.aspx is a nonprofit local development corporation that promotes economic growth across New York City's five boroughs. It is the City's official economic development organization, charged with leveraging the City's assets to drive growth, create jobs, and improve quality of life.

The Center for Economic Transformation (CET) at NYCEDC aims to develop the City’s major business sectors by implementing policy and programmatic initiatives that address current issues faced by each industry. Over the past year, CET has launched more than 60 initiatives designed to support entrepreneurship across all industries while helping legacy industries like media and fashion make the transition to 21st-century business models and capturing for the City a leadership role in "emerging industries" like bioscience, green services, and technology.

In September 2009, Mayor Michael R. Bloomberg, NYCEDC President Seth W. Pinsky and Cultural Affairs Commissioner Kate D. Levin announced five initiatives http://www.nycedc.com/PressRoom/PressReleases/Pages/MayorBloombergAnnounces5InitiativestoStrengtenNYCulturalSector.aspx to support the nonprofit cultural groups, employees and countless artists that comprise New York City’s cultural sector.