According to a report commissioned by Mayor Bloomberg’s private foundation, the tech and IT industry has become the second contributor to the private sector economy by wages, behind the still-dominant financial sector. The author of the report "Building a Digital City: the Growth and Impact of New York City’s Tech / Information Sector", economist Michael Mandel explained that investments made in the tech industry was part of the solution to pull New York out of the recession of 2007-2008. Figures shows that the city recovered from the financial crisis faster than the rest of the country thanks to its ability to “rapidly re-invent itself as a world-class, urban tech /information hub.”
According to Mandel’s study, New York City has seen an 11% increase in well-paying tech employees since 2007, for a total of 262’000 jobs that generates $30 billion in annual wages. If most of those jobs are still in Manhattan, employment in Brooklyn’s tech sector grew by 24% over the past 5 years and the Queens recorded a 20% wage growth in its technology-driven industry.
Read Dr. Michael Mandel interview in the Verge
Read and download the full report “"Building a Digital City: the Growth and Impact of New York City’s Tech / Information Sector" below: