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While jobs in New York City’s tech sector have grown during the Covid-19 pandemic, most other sectors of the economy have suffered job losses, according to State Comptroller Thomas P. According to a report released today by DiNapoli. According to the report, employment in New York City’s technology sector will increase by 33.6 percent (43,430 jobs) to a record 172,570 jobs from 2016 to 2021. During the same period, the city’s private sector lost 3.3 percent of its jobs.
“My latest report provides further evidence that the growth of New York City’s tech sector has helped boost the city’s and state’s economy during the COVID-19 pandemic,” DiNapoli said. “Despite the impact of the pandemic on the overall economy, the sector has grown, the number of companies and jobs has increased. For the continued success of the technology sector, the city and region must focus on increasing workforce diversity and creating educational pathways into the sector.
New York State’s tech sector employment is projected to reach 321,280 jobs in 2021. State growth that year was fueled by New York City, which added 43,430 tech jobs. In the rest of the region, the sector lost 3,210 people. This loss is primarily due to the composition of sector jobs outside of New York City, mainly in manufacturing and telecommunications subsectors that have been declining over the past decade.
Not only will tech jobs in New York City see significant growth between 2016 and 2021, the number of businesses will also grow. Technology sector businesses account for more than 20% of the city’s total private firms added over the years. In the last five years, the number of technology businesses in the city has increased by 34.4% (2,650 companies), reaching 10,340 companies in 2021. Most of these organizations have less than 10 employees and contributed to the expansion of micro-businesses in the city during the epidemic. .
How the pandemic has boosted the tech sector.
While other industries have struggled, New York City’s tech sector has boomed as people rely more on technology and shift to working from home during the Covid-19 pandemic. In the year While the overall private sector will shrink by 12.6% (494,810 jobs) in 2020, the technology sector will grow by 9.4% (14,340 jobs), the largest increase since 2012.
During the pandemic, technology jobs such as software developers or computer programmers have grown in other “non-tech” businesses (such as retail). The city had a total of 281,100 tech jobs in non-tech sectors by 2021, up 58 percent from 2011.
About the tech sector
- Where are the jobs?With 90% (150,400) of tech sector jobs in the city located in Manhattan, followed by 7.6% (13,160 jobs) in Brooklyn, the borough’s tech employment will increase by 42.6% from 2016 to 2021. Technology industry jobs have increased. It’s down slightly in Queens and down in the Bronx and Staten Island.
- Subsections: Computer systems design is the largest technology subsector in New York City, accounting for 40% of the technology sector by 2021. In the past five years, the fastest growing technology subsector has more than quadrupled employment, including software publishers and app developers.
- Who works in the sector? At an average age of 38, New York City’s tech sector is one of the youngest, compared to an average of 41 years in the rest of the private sector. Workers in the technology sector are also highly college educated. But the sector is less diverse than the rest of the city’s private sector workforce. In the year In 2020, more than half (54%) of tech workers identified as white or Caucasian, far higher than the 40% share among other workers. Less than 29% of tech workers were women, much lower than the 47% share of the rest of the workforce.
- High pay In the year The median tech salary in 2021 is $228,620, more than double the private sector average ($117,810) in New York City. The average salary in tech saw the second-largest growth in the past five years of any sector with more than 2,000 workers.
- Impact on Real Estate: In the year By 2020, technology, advertising, media and information businesses will account for a quarter of all real estate rents in the city, a figure that has more than doubled since 1990. 2022.
Tech startups in New York City have benefited from proximity and relatively easy access to the city’s big investors and venture capital firms. Startup companies in the New York metropolitan area received more than 16 percent of the nation’s total venture capital investment by 2021, the largest share behind the San Francisco Bay Area. DiNapoli, the state’s pension fund trustee, manages the state’s private equity investment program, which has invested more than $296 million in 170 technology-related New York City companies between 2016 and 2021.
While the pandemic has given the tech sector a big boost, it saw rapid growth nationwide in 2020 and a slowdown in 2021, a trend that continued into 2022. To understand the future direction of the sector and its jobs in technology recruitment. This approach should inform the city’s investments in the institutional infrastructure and educational opportunities necessary to sustain and grow the sector.
Report
New York City’s technology sector
Track state and local government spending with Open Book New York. Search millions of state and local government financial records, track state contracts and find commonly requested information through State Comptroller DiNapoli’s Open Data Initiative.
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