The future of New York City is in tech, according to a new report by the Center for an Urban Future, which found that during the pandemic, one in every five available jobs in New York City were in the technology sector.
“More than health care, double that of finance. Five times more than hospitality or education,” said Eli dvorkin, the policy director at center for an urban future.
Tech is outpacing all other industries, the report said.
When it comes to jobs that pay a salary of over $80,000, the tech industry made up a whopping 40% of available roles.
According to the report, between April and November of 2020, there were 67,000 technology job postings based in NYC.
As other industries were shrinking their office space in the middle of the pandemic, Facebook signed a major lease to occupy over 700,000 square feet of space at the old Post Office building in Midtown, which spans two city blocks.
While Google and Amazon are also expanding their New York footprint, it’s not just big tech companies that are looking for workers.
“Every company has to act like a tech company. The banks, financial institutions,” said Dan Howley, a technology editor at Yahoo Finance. “Hospitals need people…the restaurant industry…It’s not just major Silicon Valley companies.”
The report also found that New York City currently has half a million fewer jobs than it did prior to the pandemic.
“Likewise, 500,000 New Yorkers are unemployed,” said Dvorkin. “If NYC wants to help more New Yorkers, the tech jobs is where jobs are being created.”
Tech earnings are even outpacing earnings in finance. Crain’s Business reported the median total compensation at city-based tech company ‘Etsy’ is $190,000 — $50,000 more than Goldman Sachs’ $140,000.
“Every business will require some kind of tech,” Howley said, “and I think it will continue down the line.”