A new report released by HR&A Advisors — an employee-owned company that offers advisory services — says that Brooklyn has experienced the highest amount of tech growth out of any NYC borough in the last decade.
According to the report, Brooklyn has seen a growth of 14,000 new tech jobs between 2012-2021, which was a significant jump of 42% during that time span.
As of 2021, Brooklyn’s exponential growth in the tech industry contributed to a total of 46,000 tech jobs in the borough, which accounted for 12% of total tech employment in all of NYC.
Brooklyn’s tech employment total was the second highest amount out of all five boroughs, trailing only behind Manhattan. Manhattan had an astounding total of 272,000 tech jobs, contributing nearly 75% of tech employment in NYC.
According to the report, the reason for the major tech industry boom in Brooklyn over the past decade is attributed to targeted investments in the Brooklyn Navy Yard and the Brooklyn Tech Triangle. Both organizations are home to numerous tech companies throughout the borough.
On top of its rise in Brooklyn, the tech industry has also become more impactful in NYC in general.
New York City’s tech ecosystem has increased by 32% in the last decade, employing around 369,000 people in 2021. The industry also reportedly generated $291 billion in economic output, which amounted to 28% of NYC’s total economic output.
“It’s clear that tech is a key driver of New York City’s economy. From our healthcare systems to our media and finance sectors, tech workers are critical to the economic strength and resilience of New York City. Over the last 10 years we’ve done a great job in growing our tech talent and cementing New York’s place as a leading tech hub,” said Kate Wittels, Partner at HR&A Advisors.
“As we look to the next ten years, both the public and private sectors need to work together to ensure that economic opportunities are felt across the five boroughs. By centering equity as a key driving force, our tech ecosystem will reflect the rich diversity of New York and include all residents of New York City.”
The report released by HR&A Advisors was commissioned by Tech:NYC (technology organization), a local nonprofit called the Association for a Better New York (ABNY), and Google.
To view the full report, click here.