Data linked here.
A consortium consisting of HR&A, the Association for a Better New York (ABNY), Citi, Google, and NY Tech Meetup, released a comprehensive study detailing the size and impact of New York City’s “tech ecosystem”– the constellation of workers and firms that are positioning all of New York City industries for future success. The study also offers substantive public policy direction for nurturing the future success of the ecosystem– and by extension New York City itself.
HR&A found that the New York City tech ecosystem has an enormous and growing impact on the City. The tech ecosystem contains 7% of the City’s entire workforce – 291,000 workers who work in tech industries or perform tech functions for non-tech firms. The economic activity engendered by these direct jobs supports 250,000 additional jobs throughout the City’s economy, and generates $125 billion in total spending and over $5.6 billion in annual tax revenues.
Over the past decade, New York City’s tech ecosystem has grown by 18 percent, while total jobs have only grown by 12 percent in the City. The New York City tech ecosystem is also providing critical opportunities for workers with and without college degrees – 44% of all tech ecosystem jobs do not require a Bachelor’s degree; these jobs pay 45% higher hourly wages than other jobs in New York City with the same educational requirement.
The ground-breaking study was conducted over 5 months and involved substantial collaboration with industry thought leaders and labor market experts, an industry survey of over 30 major New York City firms, and significant economic and labor data analysis.