April 30, 2014
By Stephanie West
New York, NY – High-tech is one of the fastest growing industries in New York City, growing four times faster than the rate of job growth in the rest of the city’s economy, with annual salaries that are well above the citywide average.
“High-tech firms not only created 25,000 jobs over the last four years, they created high-paying jobs,” Comptroller DiNapoli said. “Silicon Alley now stretches from Midtown South to Lower Manhattan and into Brooklyn and Queens. New York City is attracting tech firms because of its unmatched quality of life, its large creative workforce, its investment opportunities, and its public commitment to fostering a tech training ground through education and university partnerships. We’re proud that our Common Retirement Fund’s In-State Program has helped many new high-tech firms get off the ground in New York, while providing strong investment returns.”
The Comptroller’s report focused on high-tech companies at the heart of the technology industry that design, manufacture, develop or maintain new technologies. New York City was home to nearly 7,000 such firms by the third quarter of 2013, which provided more than 103,000 jobs.
The high-tech industry is creating well-paying jobs at a time when other traditional well-paying industries are not growing as quickly. This diversifies the city’s economy and helps to reduce its economic dependence on Wall Street. Like other industries, the high-tech industry also employs workers in a wide range of job titles, creating employment opportunities for people without technical backgrounds.