Silicon Valley has long been the flag bearer of the tech industry in the U.S., but New York City’s recent efforts have narrowed that gap. Danny Lynch, a digital executive with Builtvisible.com shared an infographic with Examiner. “Tech in the City: The Growth of the NYC Tech Sector” illustrates how New York’s progress has made the Big Apple a widely recognized world-class tech hub.
The graphic examines how the city emerged from the financial crisis and created a thriving tech ecosystem that provides high-earning jobs. Some notable figures to take away from the graphic: New York City experienced an 11 percent growth in tech jobs just between 2007 and 2012. That 11 percent translates to an added $5.8 billion back into the economy. Compare that to even the New York City suburbs, which actually experienced a 6.9 percent decline, and with the United States average, which experienced a growth of .1 percent, and it seems pretty clear the tech sector has been working hard for the City of Dreams. And it’s still working; just in 2012, NYC added another 11,000 tech jobs.
Not only is the tech sector providing more jobs to New York, it’s providing high-earning jobs. The graphic illustrates that jobs in the tech ecosystem earn 49 percent more than the average salary within the city. Of the three types of jobs in the tech ecosystem— tech jobs in tech industries, non-tech jobs in tech industries and tech jobs in non-tech industries— all provide opportunities for those without a degree.
In addition to adding jobs, venture capital investing is growing, showing a $3.46 billion increase between the first quarter of 2013 and the first quarter of 2014. There are also more learning opportunities coming by way of NYC’s Cornell Tech Campus, which will have 8,000 permanent jobs, while supplying 20,000 construction jobs before the campus is finished.
The recent growth is impressive, but will require an influx of job seekers not already in New York City to be sustained. In a survey done on the perceptions of New York, almost half (47 percent) of those surveyed expressed concerns about the high cost of living, followed by New York City not being family-oriented (21 percent) and the lack of availability of mid-level jobs (11 percent). These are all factors that could influence a person to seek a job in a different climate and ultimately affect the speed at which the sector is growing.
Based on the information provided by the graphic, do you think New York’s tech industry growth is sustainable?
This graphic was produced for Icelandair.