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There is a lot of noise surrounding the fate of New York’s tech sector. While venture capital investment remains slow, IPOs are starting to return. On Wall Street, the artificial-intelligence craze jolted equities to all-time highs, but money managers continue to hedge their bets.
As Crain’s has reported, industry analysts remain bullish on New York. Deals may be down, they say, but the city is overflowing with available tech talent. C-suite executives are confident in their companies’ growth in New York, and more tech firms are choosing to do business here than ever before.
Is that optimism warranted? Just ask the tech workers who are flocking to New York. Roughly 14.3% of all U.S. tech employees who relocated to a new city last year landed in the Big Apple.
That’s according to an analysis from venture capital firm SignalFire, released April 15 and first reported on by the Wall Street Journal. SignalFire mapped the cities where tech workers are leaving and identified the most popular destinations where they are going.
The report found that New York was by far the most popular destination for relocating talent in 2023. The 14.3% influx figure was nearly double that of the next most targeted city, which was Austin, Texas.
Roughly 10.7% of New York’s existing tech workforce left the city, SignalFire found, but the strong inflow of workers outpaced the outflow. “NYC is in the midst of a tech talent boom,” the report said.
Other cities that saw year-over-year increases in tech talent include Los Angeles, Denver, San Diego, Miami, Dallas, Nashville and Tampa.
The largest source for relocating tech talent to New York was San Francisco, with Bay Area transplants making up roughly 37% of the city’s tech talent intake. New York also attracted talent from Seattle and Boston.
San Francisco continued to attract new talent, the report said, but employees left at a faster rate. For every tech worker who moved from New York to San Francisco, 1.4 workers made the opposite move, according to SignalFire.
SignalFire noted that “overall population trends in the post-pandemic period were largely driven by people entering and leaving the tech workforce as the 2021 boom was followed by years of layoffs.” Their analysis looked specifically at existing tech workers who relocated in 2023. The sample size, according to WSJ, was roughly 57,000 tech employees on the move.
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Jack Grieve , 2024-04-18 21:35:42
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