How New York’s Tech Scene Has Infiltrated The City’s Entire Economy
Modern startups have reshaped the face of NYC's traditional industries.
A new study led by HR&A; Advisors uncovers how engrained tech has become in the ecosystem of modern day New York. The Internet, mobile technologies, social media, and big data have created thousands of new startups, and also reshaped the face of traditional industry within the city.
Even though it’s easy to think tech companies would have the most tech employees, it’s actually the non-tech industries that contain the bulk of workers. Of the 291,000 jobs in NYC’s tech environment, 150,000 are tech jobs in non-tech industries (think developer at a big bank), while only 58,000 are tech jobs in the tech industry (think big data analyst at Twitter).
The benefits of tech aren’t just on a personal level either; the NYC environment generated $125 billion in additional spending, which amounted to annual tax revenues of $5.6 billion in 2013. That tallies up to 12.3% of the total tax revenue for that year – a huge proportion of the money fed back into the government.
HR&A; Advisors have included a lot more in-depth analysis as part of the full report, which you can access for free right here. It also features case studies on prominent companies such as Citi, Etsy, Major League Baeball, and The New York Times.
Lead Image: Andrew Anderson via Flickr