A Report By Center For An Urban Future & Tech:NYC

New York’s New Jobs Engine

Tech Is Powering the City’s Economic Recovery and Producing the Lion’s Share of New Well-Paying Jobs

114,000 jobs have been added to NYC’s tech sector since 2010, accounting for 17% of the city’s entire job growth during that time.

A Report By Center For An Urban Future & Tech:NYC

New York’s New Jobs Engine

Tech Is Powering the City’s Economic Recovery and Producing the Lion’s Share of New Well-Paying Jobs

$55 billion in VC investments went to New York tech in 2021, the largest one-year record to date.

A Report By Center For An Urban Future & Tech:NYC

New York’s New Jobs Engine

Tech Is Powering the City’s Economic Recovery and Producing the Lion’s Share of New Well-Paying Jobs

238 tech training and education organizations are active in NYC, running programs in more than 850 locations across the five boroughs.

A Report By Center For An Urban Future & Tech:NYC

New York’s New Jobs Engine

Tech Is Powering the City’s Economic Recovery and Producing the Lion’s Share of New Well-Paying Jobs

About Innovation Indicators

Innovation Indicators is a multi-year research initiative measuring the economic impact of NYC’s tech sector.

Ecosystem

Total Number of Startups in NYC

25,451
The number of new startups increased 145% over the last decade, compared to 10,349 in 2011. Source: CUF analysis of data from Crunchbase

Total Ecosystem Value

$371 Billion
The total valuation of NYC startups doubled in 2021, up from $189 billion the previous year.

Office Headquarters

29M ft2

Tech companies account for approximately 29 million square feet of NYC office space, compared to 17.6 million square feet in 2011.

#Trending

new-york-startups
June 2022

The World Looks to New York Startups

A ranking of 140 tech hubs around the world, produced by Startup Genome in partnership with Tech:NYC and the New York City Economic Development Corporation, placed NYC as the second strongest startup ecosystem in the world, just behind Silicon Valley, and ranked NYC the second strongest North American city for tech talent.
new-york-tech-jobs
June 2022

New Yorkers Want the Jobs the Tech Sector Provides

Registered NYC voters think the tech sector is as important to the city’s economy as finance, transportation, entertainment, and other critical local industries. Six in ten voters want NYC to attract more tech companies and bring more jobs to New York.

Jobs

Since 2021, New York’s Tech Sector Has Accounted For 24% Of The City’s Entire Private Sector Job Growth.

Job growth over time

193,929 jobs
NYC tech has created 114,000 new jobs since 2010. Since 2021, amid the COVID-19 pandemic, NYC tech has accounted for 24% of the city’s entire private sector job growth. *These measurements are derived from the Federal Reserve Bank of New York’s narrow definition of employment in the tech sector. Other analyses have found the city’s tech ecosystem employs 372,000 people.)
Source: CUF analysis of data from the Quarterly Census of Employment and Wages

Cross-sector Pandemic Comparison

8.7% increase in jobs

From February 2020 to December 2021, private sector employment in the city declined 5.3%. While several major industries were suffering, tech was a rare economic bright spot for New York during the pandemic.

Workforce Diversity

20.8% Black and Hispanic Workers in Tech

NYC employs more Black and Hispanic tech workers than the other two leading US tech hubs, San Francisco and Boston, combined.
Source: CUF analysis of data from the 2019 American Community Survey 5-year-estimates

#Trending

people sitting on chair
May 2022

Hiring Isn’t Slowing Down

A survey of 350 C-suite executives in New York found 71% of companies plan to increase tech talent hiring in 2022, and 87% are confident the skills they’re hiring for can be found from the local talent pool. Top hiring needs among respondents include cybersecurity, cloud computing, and AI.
people sitting on chair in front of table while holding pens during daytime
May 2021

Preparing for the Jobs Driving the Recovery

Between April and November 2020, when NYC was the epicenter of the first COVID wave and many industries were cutting jobs, tech was helping keep our economy afloat. Tech comprised 11 of the top 50 most in-demand positions, accounting for a whopping 40.1% of roles paying an average starting salary of $80,000 or more.

Jobs Board

Tech:NYC member companies currently have

0 +

Job Openings

Software Development Engineer

Amazon

Senior Creative Content Lead

Bloomberg

Program Manager

Squarespace

Backend Engineer

Revel

Strategic Finance Analyst

Etsy

Director of Insights

Spotify

Area Director

WeWork

Experience Marketing Strategist

Yext

Enterprise Account Executive

Sprinklr

SEO Manager Ramp

Ramp

Driver

Capsule

Executive Assistant

CLEAR

Funding

$55 BILLION IN 2021: Despite the pandemic, venture capital investments in New York tech totaled the largest one-year record to date, triple the funding total from 2020.

Total VC funding by quarter

Record-break investments

Source: CB Insights
0 IPOs
in 2021
0 +
megadeals
(investment rounds of $100 million or more)
0 VC firms
and investors, up from 621 in 2010

Trending

IPO Databse

Highlights

Squarespace and Warby Parker both debuted on the NYSE in 2021 as the first two New York tech companies to go public via a direct listing.

Maven became the first women’s and family health startup to reach unicorn status in the US.

Spring Health co-founder and CEO April Koh became the youngest woman leading a unicorn startup.

Noteable IPOs

March 2022

November 2021

October 2021

October 2021

September 2021

July 2021

July 2021

July 2021

June 2021

June 2021

June 2021

June 2021

May 2021

May 2021

May 2021

April 2021

April 2021

March 2021

March 2021

March 2021

Quick Stats

8.7%

New York was home to the most resilient tech hub in the country during the pandemic: Between February of 2020 and December 2021, tech sector employment grew 8.7%, faster than any other US city in the same time.

84%

of NYC executives are confident or very confident that hiring within NYC can help diversify their workforce compared to hiring from other cities.

$100 million

The investment to create Cyber NYC, a public-private initiative to support a new cybersecurity master’s degree at CUNY’s City College, among other talent and accelerator initiatives.

Sector Highlights

973

artificial intelligence and machine learning companies now call NYC home, up from 566 in 2016, a 72% increase.

Over $9 billion in funding has been invested in New York AI companies, and 13 percent of the country’s AI workforce is located here.

Education & Skills

Tech Year NYC

A pilot initiative launched by Tech:NYC, in partnership with the Mayor’s Office of Youth Employment and Girls Who Code, expands on previous internship programs to offer up to 1,000 paid work and mentorship opportunities to NYC youth interested in pursuing careers in technology.

Trending

blue red and yellow glass walled building
July 2022

CSforALL

A ten-year initiative to bring computer science education to every NYC public school — reaching 1.1 million students — by 2025, with an emphasis on students who identify as girls, Black, and Latinx.
Photo by Robynne Hu
July 2022

Break Through Tech

A homegrown initiative from Cornell Tech propelling more women and underrepresented communities into technology degrees and careers. Current programs offer academic and industry experience in computing and AI.
city nights
July 2022

Cyber NYC

A $100 million public-private investment supports a new cybersecurity master’s degree at CUNY’s City College, an accelerated training program operated by Fullstack Academy to provide cyber skills training to New Yorkers with no previous experience, and other talent initiatives.

Social Impact

NYC Recovery Challenge

The accelerator program founded by Tech:NYC, Google for Startups, and Cornell Tech awarded ten early-stage founders with funding and mentorship resources to scale ideas that equitably accelerate NYC’s post-pandemic economic recovery.

Tech Gives Back

An annual initiative of Silicon Valley Bank gathers hundreds of tech workers to log 700+ volunteer hours for 30 global nonprofits dedicated to local diversity, enquiry, and access missions.

LinkNYC

A first-of-its-kind communications network from CityBridge, a consortium of leading technology and media experts, provides free, reliable 5G WI-Fi access citywide in an effort to close the digital divide in under-resourced neighborhoods.

Black and Latino Founders Funds

The two funds launched by Google for Startups provide $10 million in no-equity cash awards and other resources to Black and Latinx founders historically underrepresented in tech and VC.

The City Fellowship

The nine-month program, led by Company Ventures and the New York City Economic Development Corporation, supports early-stage entrepreneurs centering deep community impact for everyday New Yorkers in their businesses.

COVID-19 Technology SWAT Team

A coalition of leading New York tech companies partnered with New York State to quickly deliver products to accelerate New York’s COVID-19 response. More than 7,000 tech volunteers led projects to build the state’s COVID Exposure Notification app, digital testing and vaccine scheduling platforms, and data insights dashboards for public officials.

Notable News & Press

monitor showing Java programming
THE CITY

NYC’s Tech Sector Thrives During  the Pandemic, But Will It Stick Around During the Recovery?

man playing VR goggles
Wall Street Journal

Tech Jobs Lead the Way in New York City’s COVID-19 Pandemic Hiring

person holding pencil near laptop computer
Crain’s New York

Why the Tech Boom Could Only Have Happened in NYC