New York City is “in the midst of a tech talent boom” and will be the preferred destination for tech workers in 2023, according to an industry study.
According to an analysis published by venture capital firm Signalfire, the Big Apple saw a net increase in tech talent of 3.6%, meaning more workers moved to the city than left in search of opportunity. ing.
This increase is the largest of any city in the country, Signal Fire researchers Asher Bantock and Heather Doshay said in a report released Monday, saying New York “has the largest share of all people who moved here” for technology jobs. They make up 15% of the population.”
This is despite the fact that New York City is one of the most expensive cities in the country to live in.
“Anecdotally, I hear movers mention the ‘energy’ of the city, both professionally and socially,” Doshay told the Post.
“You would expect people moving from high-cost cities like San Francisco, Seattle, and Boston to spread out to metropolitan areas with lower costs of living, and in many cases they end up in places like Austin. ” added Doshai.
“However, many technology professionals are unwilling to sacrifice their careers or social opportunities at any cost.”
The study is based on a series of data from LinkedIn that tracked approximately 57,000 transferred employees at some large technology companies and some private companies.
The Wall Street Journal first reported this data.
New York beat out other leading contenders, including Austin, Texas, which posted a 1.4% increase in net income, and Los Angeles, which posted a 0.6% increase.
Other cities with net positive technology transfers include Denver, San Diego, and Miami.
Meanwhile, traditional Big Tech hubs have seen an exodus of technology workers.
This includes San Francisco, which suffered a 3.7% net loss due to technology industry employee relocation, and Seattle, which suffered a 2.3% hit.
Tech workers who leave the San Francisco Bay Area are most likely to move to New York City, according to the analysis.
Signal Fire representatives noted that despite the net exodus of tech workers, San Francisco remains a national leader in tech industry talent, especially as the artificial intelligence boom takes off.
Additionally, among the top 10 metropolitan areas measured by SignalFire's report, San Francisco had the highest percentage of employees working in AI or machine learning, followed by Seattle and New York City.
Despite the exodus, San Francisco's total tech workforce is still growing as workers from outside the industry change career paths, according to SignalFire.
“San Francisco remains the leader in terms of concentration of technology talent, but New York is clearly gaining ground,” Doschey added.
Despite a flurry of layoffs in the tech industry last year, with industry giants like Amazon, Google and Meta also cutting jobs, New York attracted more talent.
