Tech Is NYC’s Second Largest Job Sector
Dr. Mandel counts 262,000 well-paying jobs in tech and information, an 11 percent jump since the economy crashed in 2007. The $30 billion in annual wages generated by the tech sector is small compared to the $90 billion in wages paid to the still-dominant financial sector, but tech wages have grown since 2007 while finance wages decreased.
I would have thought the real estate sector was larger (it may be) and it is also a bit surprising to me that tech is bigger than media & entertainment.
One of NYC's great strengths is the diversity of its economy – finance, real estate, media & entertainment, retail, fashion, health care, education, and now tech. And the reason tech is growing so fast in NYC is that it is embedding itself in all of these other industries. It's not entirely clear to me whether Gilt is a tech company or a fashion/retail company, it is not clear to me whether ZocDoc is a tech company or a health care company, it is not clear to me whether Codecademy is a tech company or an education company.
And you know what? It doesn't really matter to anyone other than those whose job it is to count jobs in various sectors. What does matter is if you want to work in tech, build a new company using tech, and be part of a vibrant tech community, NYC is one of the best places in the world to do all of those things, and a lot more.