The New York metropolitan area is the nation’s largest center of high-technology employment with close to 620,000 people in tech jobs according to a new study released by the Industrial and Technology Assistance Corporation.
The ITAC study, titled Buried Treasure: New York City’s Hidden Technology Sector, was conducted by Mt. Auburn Associates and Bayer Consulting and relies on a comprehensive analysis of economic and occupational data related to the technology industry and in-depth interviews with a selected number of research and development executives. Based on the results, ITAC has also determined a number of policy recommendations to help New York City’s technology economy maximize its potential, including better incorporation of high-tech companies, more financial opportunities, and increased efforts to make New York City a technological epicenter. In response to the report, the Committee on Economic Development jointly with the Committee on Technology in Government will hold a Council Hearing on Wednesday, October 10, 1:00 pm at 250 Broadway, 14th floor regarding promoting the high technology business sector in New York City.
The study found that New York City had an estimated 226,000 high-technology jobs, a substantial employment group. Many of these high-technology jobs in fields such as financial services, higher education, media and healthcare, were previously not counted in the same manner such as jobs in sectors such as biotechnology, information and computer technologies and services, new media, manufacturing technologies, and scientific research and development. Overall, the New York City technology sector generated above-average earnings then, $12.5 billion in earnings with average annual salaries of $75,458, 21% above average private employer earnings of $62,545.
Addressing the comparisons between New York City and San Francisco’s Bay Area or Boston, the study found that in 2004 (the last year that complete data were available from all sources) the New York metropolitan statistical area had 2.47 times as many jobs in high-technology industries as the definitive technology center of Silicon Valley and almost twice as many as the Boston metropolitan statistical area. In that year, New York City also led the country in students enrolled in graduate sciences programs with over 18,000 students, significantly more than the Boston and San Francisco areas.
The ITAC study recommends several solutions for the New York City public sector to make the city more appealing to technology businesses. Solutions include better organization and dissemination of information about existing assistance programs. Another suggested improvement is the creation of a one-stop assistance center that focuses on technology firms’ needs. The study addresses the need for better access to pre-seed funding for entrepreneurs through the creation of “recoverable grants†and also recommends the creation of a mechanism for connecting technology users with technology developers to put innovative firms in touch with companies that need new technology to compete.
Originally posted on October 5, 2007 @ 11:45 am
I knew NYC was up there as far as technology, but I still thought Seattle was first. Interesting read.