Why—and how—tech is flourishing in NYC.
For decades, business in the Big Apple has been all about Wall Street. But over the past 10 or 15 years, technology has emerged as one of the fastest growing and highest paying sectors in New York City, representing 291,000 jobs and $30 billion in wages annually.
According to a recent report compiled by Endeavor Insight, venture funding for New York tech companies increased 240 percent between 2003 and 2013 and “85 percent of the sectors current company’s and 86 percent of its current jobs were created” during that time as well.
Point is: The time for tech in New York is now.
Another recent report spotlighted New York City’s status as an important player in the tech field. Startup Genome ranked the Big Apple second on it’s list of the top 20 global startup ecosystems, behind only Silicon Valley and ahead of London, Beijing, and Boston. “New York remains the global capital of capital,” the report’s authors wrote, “but is now also at the forefront of information technology and consumer technology trends.”
“We are thrilled to be in New York, one of the most exciting, forward-thinking tech and financial markets in the world and the epicenter of the urban creative class,” said Galvanize CEO Jim Deters.
Other important highlights of the Startup Genome report include:
→ 6,300 to 7,800 active tech startups in NYC
→ Several successful forward-thinking ventures valued north of $1 billion, including Warby Parker, Blue Apron, and Buzzfeed.
→ An average software engineer salary of $97,000 (the global average is $49,000).
New York Governor Andrew Cuomo recently highlighted the state’s growing status as a tech leader during his 2016 State of the State address. The governor also spoke to how important he feels the industry is in a late 2016 announcement regarding economic development funding, which included a $1.3 million grant for Galvanize. “New York State’s technology industry is among the fastest growing and highest paying in the country,” Cuomo said.
Tech, however, isn’t just about the up-and-comers. New York City is also home to headquarters of two of the country’s 20 largest tech companies, IBM and Verizon. And although it’s expensive to live in the city, a recent tally of job postings turned up 2,185 listings for data scientists; 6,969 listings for data analysts; and 382 posts looking for junior software developers—with average starting salaries at $96,000, $74,000, and $91,000, respectively.
“We are a 21st century school with the best data-science faculty in the world,” Deters said, “and bringing that access to such a diverse and dense market as New York will allow us to offer the best tech education available to anyone with the smarts, drive, and grit to transform their lives and land their dream job.”