Amazon’s not the only one investing in cities – Google commits “more than” $1 billion to NYC campus
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Amazon’s not the only one investing in cities – Google commits “more than” $1 billion to NYC campus

Amazon’s recent announcement that it would be investing in not one, but two “second” headquarters has garnered a lot of headlines. And rightly so: the company will be spending an incredible amount of money and adding thousands of jobs in New York and Arlington – two cities that are hoping to see something similar to the “Amazon effect” that has bolstered Seattle’s economy. But Amazon isn’t the only tech giant spending big on US cities – now, search engine market leader Google has announced that it will spend “more than” $1 billion on a new campus in New York City.

Investors were underwhelmed by Sundar Pichai’s recent Congress testimony, and sent the share price down by 3% over the last five days

graph 19 amazon

Source: Yahoo Finance

In a blog post on Monday, the internet giant said that it had reached lease agreements at 315 and 345 Hudson St., as well as signing a letter of intent at 550 Washington St. Taken together, these premises will become “Google Hudson Square” – a 1.7 million-square-foot campus! Google says that the Hudson buildings will be open by 2020, and the Washington St. location by 2022. Parent company Alphabet’s chief financial officer, Ruth Porat, has claimed this could lead to Google doubling the number of people it employs in the city (currently 7,000) over the next decade.

Speaking for the company, Porat continued, saying: “We believe that as our company grows, we have a responsibility to support the communities we call home. That means supporting the infrastructure and services that make our neighbourhoods unique places to work, live and play.” She went on to detail a number of community-driven initiatives and donations that the company has made in recent years, the latest of which is the impending Grow with Google, the company’s effort to help “all Americans” to access “economic opportunities”. Grow with Google will “host free hands-on workshops, one-on-one coaching and community events with local partners so that New Yorkers have the opportunity to gain the skills needed to thrive in today’s digital economy.”

Porat concluded that, with the incoming investment “we look forward to calling New York City home for many years to come.”

Disclosure

Dominion holds Alphabet, the parent company of Google, in its Global Trends Ecommerce Fund.


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