FOR IMMEDIATE RELEASE
May 22, 2014
Brooklyn Chamber of Commerce and CUNY Graduate Center Releases Tech Industry Labor Market Review: IT Grows In Brooklyn
44% increase in Number of Firms from 2004, 56% Growth of People Employed
The Brooklyn Chamber of Commerce today released its Spring Labor Market Review report, “IT Grows in Brooklyn,” which examines the growth of the tech industry in Brooklyn since 2004. The tech sector has seen astounding growth in terms of the number of firms and employees located in Brooklyn and annual wages earned here. Brooklyn’s convenience, accessibility, affordability and cachet have made it the fastest growing IT sector in New York City. The study was written for the Chamber by the New York City Labor Market Information Service at the CUNY Graduate Center.
“Whether it has been manufacturing or music, fashion or food, shipping or shopping, Brooklyn is always on the cutting edge, and our report IT Grows in Brooklyn, shows, Brooklyn’s tech industry is no different,” said Brooklyn Chamber of Commerce President and CEO Carlo Scissura. “Anchored by amazing companies heavily concentrated in the Tech Triangle, we now need to work on spreading Brooklyn’s tech community across the borough and find ways to connect Brooklyn’s next generation with the education, training and experience they will need to take advantage of the opportunities this growing sector brings.”
Key findings from the report:
- Brooklyn’s IT industries underwent astounding growth between 2005 and 2012: 44 percent growth in the number of firms and 56 percent growth in the number employed.
- Real annual wages in the Brooklyn IT industries increased by 32% between 2005 and 2012. In the private sector citywide, wages remained unchanged over the same period.
- Total payroll in Brooklyn in IT industries was just over $450 million.
- Brooklyn’s IT community is highly educated, with three out of four having attained at least a four-year college degree.
- Brooklyn’s IT companies now comprise 18 percent of firms, five percent of employment and four percent of total payroll in New York City’s IT industries.
- A majority of Brooklyn IT workers live in Brooklyn.
The sector was aided significantly by rezonings in Downtown Brooklyn and Williamsburg that added over 5.5 million square feet of commercial space. Economic development from the tech boom has been led by initiatives like the Brooklyn Tech Triangle, which was made possible through the incredible effort and partnership of the tech community with government and local community representatives, as well as real estate and education officials. That project alone is expected to support 18,000 direct 43,000 indirect jobs over the next two years.
The effort to move the tech industry beyond its northern and Downtown Brooklyn is already underway with projects like BioBat at Brooklyn Army Terminal in Sunset Park, which has received $60 million in investments.
“Brooklyn’s surging IT sector has helped propel our borough’s economy and continues to show strong signs for continued growth in the years ahead,” said Scissura.
To view a copy of the report, visit www.ibrooklyn.com