Encouraging growth in industries outside the financial services sector is one aspect of a three-part strategy the Bloomberg administration has pursued since taking office in 2002. That strategy has also encompassed fiscal prudence and infrastructure investment, and Shobowale said the city intends to avoid repeating the mistakes of the 1970s, when quality of life declined and both residents and businesses moved out as a result.

He said that even during the 2002-2006 boom years in financial services, that sector's share of total employment in the city was declining. Among the industries the city has been developing include film and television production, which doubled citywide between 2002 and 2007, and biotechnology. To that end, construction on phase one of the East River Science Park is expected to be completed this year.

Shobowale noted that the Bloomberg administration began to reduce spending even before the current downturn, to avoid having to make drastic cuts in city services as the downturn grows more severe. However, one financial commitment the city is not scaling back is a $10.4-billion investment in its infrastructure. "It's the glue that holds economic activity in the five boroughs together," he said.