Finance

Tech Industry Rapid Growth in Brooklyn

June 4, 2014
By Stephanie West

Brooklyn, NY – The Brooklyn Chamber of Commerce has 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. It's the fastest growing IT sector in New York City.

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.
 
“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 Brooklyn Chamber of Commerce President and CEO Carlo Scissura.

June 4, 2014

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