New York City’s booming tech industry helped offset job losses in other sectors during the Covid-19 pandemic, according to report by state Comptroller Thomas DiNapoli.
(Bloomberg) — New York City’s booming tech industry helped offset job losses in other sectors during the Covid-19 pandemic, according to report by state Comptroller Thomas DiNapoli.
The tech industry grew by 9.4%, or 14,340 jobs, in 2020, the largest growth since 2012, the report said. In the same period, total private-sector employment declined by 12.6%, or 494,810 jobs. In 2021, growth in tech slowed to 3.1%, though the gain was still larger than the total private sector’s growth of 2.4%
“In 2020, even as the Covid-19 pandemic caused employment to decline in every major industry in the city, it did not slow down the tech sector as people became more reliant on technology during the lockdowns and the shift to working from home,” according to the report released Wednesday.
The tech business has been growing in the city since before the pandemic. The report found that tech employment increased by 33.6% from 2016 to 2021, compared with a 3.3% decline in other sectors. Total employment in tech reached a record 172,570 in that span.
Tech jobs also grew in other nontech businesses, including retail trade, that employ workers like software developers or computer programmers. When combined with the jobs in nontech sectors, the city had a total of 281,100 tech jobs in 2021, 58% higher than in 2011.
The average salary in tech jobs in New York City reached $228,620 in 2021, which was double the average pay in the total private sector, the report found.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
