Comptroller: NYC Tech Boom Masked COVID Job Losses
The number of Tech industry jobs in New York City grew by over 30 percent in the past five years despite an overall decline in private-sector employment, according to a new report from New York State Comptroller Thomas DiNapoli.
While most economic sectors suffered job losses, New York City's technology industry grew despite the COVID-19 pandemic. Currently, the Big Apple is second to the Silicon Valley for venture capital investments, the report shows. During the past five years, from 2016 to 2021, New York City increased its tech sector employment by 33.6% or 43,430 jobs. The total number of tech sector jobs in New York City is at an all-time high of 172,570.
During the same five-year period the city's other private sector industries lost 3.3% of its jobs, the report states.
“My latest report provides further evidence that New York City’s tech sector boom helped prop up the city and state’s economies during the COVID-19 pandemic,” DiNapoli said in a statement.
“Despite the pandemic’s impact on the overall economy, the sector grew, and the number of companies and jobs has soared. For the tech sector’s continued success, the city and state should focus on increasing workforce diversity and creating educational pathways into the sector,” the comptroller added.
State-wide the number of tech sector jobs totaled 321,280 in 2021.