A new report by the Center for an Urban Future finds that Brooklyn has emerged as one of the nations leaders in the innovation economy, with the boroughs growth in tech start-ups, creative companies and innovative manufacturers significantly outpacing Manhattan and other leading cities.
The study, which was produced in partnership with Downtown Brooklyn Partnership, Dumbo Improvement District, Brooklyn Navy Yard Development Corporation and Industry City, reveals that the borough was second in the nation in the growth of tech start-ups over the past decade, with the boroughs 356 percent increase besting all but one of the countrys 17 major tech hubs.
The innovation economy has become a vital new engine of growth for Brooklyn, said Jonathan Bowles, executive director of the Center for an Urban Future. Innovation industries have added thousands of well-paying jobs across Brooklyn, helped diversify the boroughs economy, and given Brooklyn an important competitive advantage in a part of the economy that is expected to grow significantly in the years ahead.
The report also finds that employment in Brooklyns creative industries is up by 155 percent over the past decade, nearly ten times the growth rate of Manhattan. And in eight different creative industriesincluding film/tv, graphic design, architecture, industrial design and publishingBrooklyn was first or second among the nations 25 largest counties in employment growth over the last ten years.
Additionally, the study shows that the borough’s manufacturing sector has significantly outperformed the city as a whole since the Great Recession, with much of the growth coming from a new generation of companies in the fields of manufacturing, technology and design. According to the report, manufacturing jobs citywide declined by 7 percent citywide, but were up by 1 percent in Brooklyn.
We are focused on leading the urban manufacturing resurgence and creating high-quality jobs at a range of skill levels, and this report underscores that Brooklyn is at the heart of that movement, said David Ehrenberg, president and CEO of the Brooklyn Navy Yard Development Corporation. As technology innovation continues to influence manufacturing in Brooklyn, providing the boroughs residents with access to and training for those jobs remains a high priority. This report validates that work and lays out a comprehensive case for Brooklyn as an innovation economy leader nationwide.
The report provides a new level of data about the size and scope of Brooklyns innovation economy, which it defines as a set of industries fueled by technology, creativity and invention that is driving much of the nations high-wage job gains. In addition to documenting the boroughs growth in these three key parts of the innovation economytech startups, creative companies and innovative manufacturersit shows which sub-fields within tech, creative and manufacturing have been growing the fastest in Brooklyn and which industries comprise a larger share of Brooklyns innovation economy than Manhattans.
At the cross-section of arts and tech, Brooklyn has become a hub for innovation and growth, outperforming the rest of the city in attracting and growing companies at the cutting edge of their industries, said Regina Myer, president of the Downtown Brooklyn Partnership. And with a population set to eclipse Chicagos by 2020, the borough serves as a model for cities around the world. This report clearly demonstrates that New York City is no longer a synonym for Manhattan — Brooklyn is on the map.
To see the full report, go here.
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