Today, we are pleased today to release a new study that shows the overall trends happening in the NYC tech community, including job growth, venture capital growth, and more.
The new report—commissioned by Tech:NYC, Association for a Better New York, and the Partnership for New York City—shows NYC’s tech sector has grown 30 percent during the past 10 years, a rate three times higher than the U.S. tech ecosystem and six times higher than the overall U.S. economy. At the end of 2016, the NYC tech sector represented 326,000 jobs, 39,000 of which were gained in the past three years.
Other highlights from the report include:
- The addition of 76,000 tech jobs over the past decade represents 30 percent growth over the period. In comparison, New York City’s overall job growth was 16 percent, the U.S. tech ecosystem’s was 10 percent, and the overall U.S. economy grew by 5 percent in the same years.
- Since 2006, NYC has raised the most venture capital funds in the country amongst East Coast peer cities. Almost 70 percent more venture capital rounds have occurred in New York, compared to other East Coast cities.
- New York City-based tech employers are able to draw from a significant regional labor force, including 5.44 million residents 25 and older holding bachelor’s degrees or higher.
- NYC tech companies have added more than 14,000 software engineering jobs in the past ten years.
- New York City tech ecosystem employment is three times larger than Boston, its nearest East Coast peer city.
- Every year, NYC graduates nearly twice as many computer science majors than its East Coast peer cities, with Cornell Tech, CUNY, NYU, and more institutions contributing.
This data shows that New York has cemented its place as one of the top tech hubs in the world, with plenty new businesses and high-dollar investments powering a creative and diverse community. We can’t wait to see what’s next.