Center for an Urban Future and Tech: NYC Report: New York’s New Jobs Engine

Over the past 15-years, the technology sector has become a major new economic force in New York City, establishing the city as the nation’s second-largest tech hub behind San Francisco. According to the New York’s New Job Engine report released by the Center for an Urban Future in partnership with Tech: NYC in mid-July, while becoming the city’s “most dependable economic engine and reliable source of new well-pay jobs, despite enormous future potential, the “tech sector’s long-term sustainable growth in New York is by no means assured.” Currently accounting for 5.2% of the city’s total private sector employment, “several still-evolving trends could dampen New York’s growth,” of which remote work is chief among them. It has become easier than ever for tech workers, and the companies that employ them—to locate elsewhere, opening the door for several other cities offering comparatively affordable real estate to make plays to poach them. The report offers several recommendations focused on helping New York to overcome these and other challenges to build a larger, more sustainable, and more inclusive tech ecosystem,” while also pointing out that the strengthening of the tech sector as NYC’s new jobs engine is unlikely to happen without renewed support from city leaders.