Bloomberg's annual address to focus on economy

January 14, 2009 5:40:59 PM PST
Mayor Michael Bloomberg says he will focus on economic recovery plans in his State of the City speech this week. Bloomberg is set to give the address Thursday in Brooklyn.

The mayor says the city's economic situation has worsened since November. His annual State of the City address usually contains a range of new programs, but he said Wednesday he's going to focus on job growth and initiatives that don't cost a lot of extra money.

Sources told Eyewitness News that the mayor will detail his nine point plan to create 400,000 new jobs over the next 6 years.

Many of the new jobs will be in construction, updating the city's infrastructure and working on new green projects.

The mayor is also hoping more New Yorkers will start their own business. He is going to reduce or eliminate the Unincorporated Business Tax for 17,000 New Yorkers, saving each thousands a year. To cover the cost, the mayor will close certain tax loopholes.

The billionaire businessman has staked his campaign for a third term on his financial expertise and ability to steer the city through the economic downturn.