New York City has become the fastest growing tech sector in the country. Thousands of tech jobs have been added in New York City over the past few years, according to a new report by the Center for an Urban Future.
Since 2007, tech-related jobs in New York have increased by 28.7 percent from 41,100 to 52,900. And it would grow even more if enough engineering talent were available.
The study finds that New York tech startups are now more focused on applying technology to traditional New York industries such as advertising, media, fashion and finance, as opposed to building new technology.
Wall Street plays a major role in the evolution of New York’s tech scene, but for a very strange reason. According to Vivek Wadhwa, a serial entrepreneur and columnist for Bloomberg Business Week, “The success of the tech sector is inversely proportional to success of the financial services sector. Whenever the financial services sector is booming, they start hiring up all the engineers, offering ridiculous salaries. It distorts the environment.”
That lack of engineering talent continues to be a drag on New York’s tech growth and has many in the tech community calling for a relaxation of visa rules so that more talented immigrants could come to help keep the current tech boom. “Perhaps no other city is impacted as much by the nation’s backwards immigration system as New York, which as the nation’s most global city has long been well-positioned to attract the best and brightest from around the world,” says the report.
- New Tech City [Center for an Urban Future]