Report: New York City Remains Major Tech Hub
New data from the Brookings Institution and LinkedIn show that despite the mass migration of workers during the pandemic, New York City remains a major hub for tech companies.
Findings from the Brookings Institution and data from LinkedIn tracking the migration of tech workers reveal how remote work during the pandemic redistributed the tech workforce throughout the country. Cities such as Miami, Orlando and San Diego have begun to make up a larger percentage of the country’s tech workforce as they attract new, remote workers.
Despite the growth of the tech industry in these cities, Seattle, the Bay Area and New York City remain the country’s major tech hubs. New York City in particular saw a lot of growth in its tech industry during the pandemic. In 2020, New York City’s tech sector grew more than in the years prior to the pandemic.
There is potential for New York City’s tech industry to continue on this trajectory of growth, particularly as big tech companies like Google invest in office space in the city. LinkedIn data supports this continued growth in New York City’s workforce, both in the tech industry and outside of it. “We’ve seen that as things have started to subside and vaccinations increase, we’re seeing people flow back into New York,” LinkedIn senior data scientist Brian Xu said in a recent statement. “I think a lot of workers are just coming back.”
Bloomberg findings show that New York City has seen growth in other industries as well, such as venture capital. Between 2012 and 2021 New York saw a larger increase in venture capital investment than any other metro area in the country. Additionally, New York City continues to attract young workers, even amidst the rise of remote work. Bloomberg reports that the access to a young workforce is why companies such as Google and Amazon.com Inc continue to invest in office space in New York City.
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