New York City Now Fastest-Growing Tech Hub

[katharnak]

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Silicon Valley may still be the biggest tech hub in the U.S., but New York City is now the fastest growing tech sector in the country — surpassing Boston for the top spot, according to a new study.[/size][/font][/color][color=#474747][font=Arial, Helvetica, sans-serif][size=3]
A report by The Center for an Urban Future found that thousands of tech jobs have been added in New York City over the past few years when other industries have been hurting amid a struggling economy. Over the past five years, tech-related jobs in the Big Apple have increased by 28.7% from 41,100 to 52,900.[/size][/font][/color][color=#474747][font=Arial, Helvetica, sans-serif][size=3]
The news comes as more tech companies open offices in New York. Just last week, both eBay and Microsoft announced they will [url="http://mashable.com/2012/05/03/ebay-new-york/"]be expanding in New York City[/url]. eBay said the new location will house more than 200 people in the next few years.[/size][/font][/color][color=#474747][font=Arial, Helvetica, sans-serif][size=3]
Meanwhile, [url="http://mashable.com/category/facebook/"]Facebook[/url] announced in December that it would open a New York engineering office and [url="http://mashable.com/category/google/"]Google[/url] purchased a 2.9-million-square-foot building in Manhattan’s Chelsea neighborhood in December 2010 for a reported $1.9 billion.[/size][/font][/color]
[b]SEE ALSO: [url="http://mashable.com/2012/05/05/new-york-city-tech-startups/"]Why Has New York Become a Paradise for Tech Startups?[/url][/b]
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The [url="http://www.nycfuture.org/images_pdfs/pdfs/NewTechCity.pdf"]study[/url] looked at 486 digital startups formed in New York City since 2007 that have received angel investments, venture capital or other outside funding and over a dozen established tech startups that have moved from other locations in recent years.[/size][/font][/color][color=#474747][font=Arial, Helvetica, sans-serif][size=3]
The number of venture capital deals shot up by 32% in New York from 2007 to 2011 whereas deals were down significantly in every other region, including Silicon Valley (-10%), New England (-14%), LA/Orange County (-8%), Texas (-17%) and San Diego (-38%). On a national scale, there was an 11% decline in VC deals.[/size][/font][/color][color=#474747][font=Arial, Helvetica, sans-serif][size=3]
The study found that tech startups are now more focused on applying technology to traditional industries such as advertising, media, fashion and finance, compared to building new technology.[/size][/font][/color][color=#474747][font=Arial, Helvetica, sans-serif][size=3]
The growth is also attributed to more people using the Internet and mobile devices, causing a need for companies to create content, sell products and provide services online.[/size][/font][/color][color=#474747][font=Arial, Helvetica, sans-serif][size=3]
For a full look at how the New York City tech scene is growing, check out the infographic below.[/size][/font][/color]


[img]http://7.mshcdn.com/wp-content/uploads/2012/05/TechStartups3.jpg[/img]


[url="http://mashable.com/2012/05/09/new-york-city-tech/?mkt_tok=3RkMMJWWfF9wsRonsqjLZKXonjHpfsX54ugrX6Gg38431UFwdcjKPmjr1YICRMB0dvycMRAVFZl5nQNIH%2FKUaIlW%2Fw%3D%3D"]http://mashable.com/2012/05/09/new-york-city-tech/?mkt_tok=3RkMMJWWfF9wsRonsqjLZKXonjHpfsX54ugrX6Gg38431UFwdcjKPmjr1YICRMB0dvycMRAVFZl5nQNIH%2FKUaIlW%2Fw%3D%3D[/url]

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