| April 2006 |
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| The buzz is back in Silicon Alley |
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In recent months veterans of the famed stretch in lower Manhattan, dubbed Silicon Alley in the heady days of seemingly endless Internet opportunity, are smiling again as the tech sector continues to show solid signs of growth.
“No doubt it is picking up steam,” said Todd Brizendine, co-founder of Internet startup SpreeNewYork, an online shopping guide to New York’s hippest neighborhoods. “I wouldn’t say we are back to the good old days but there is definitely a positive buzz in the air.”
And that buzz appears to be having a rippling effect on an already robust IT job market in the Big Apple. As more and more entrepreneur’s open shop in the city, a new premium is being placed on acquiring IT talent.
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“There is a lot of money and a lot of new businesses popping up and it’s getting to the point where there will be a drain on talent,” Brizendine said.
In fact, last year venture capitalists invested $1.07 billion in New York tech companies, up 47 percent from $728.1 million the year before, according to a recent study conducted by AeA, the nation’s largest trade association for the high-tech industry.
Although not quite the $7.12 billion poured into New York tech companies during the dot-com heyday of 2000, the signs of a rebound are definitely there, according to AeA’s report titled: “Cyberstates 2006: A Complete State-by-State Overview of the High-Technology Industry.”
“With tech exports up and venture capital investments soaring by 47 percent in the Empire State, we believe we will see growth in the high paying jobs that will drive the state’s economy in the future,” said Justin Wright, executive director, of the AeA New York Council.
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| “It's apparent to most that New York has all the qualities needed for the IT industry to thrive,” |
| - Scot Melland, CEO of Dice |
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New York was ranked the third largest Cyberstate in the country employing 300,000 with a total payroll of $22.1 billion. The ninth annual report also showed the state registered fourth on high-tech exports, selling $9 billion dollars in tech merchandise and services to the world in 2005, an 8 percent increase over the previous year.
And while start-ups may be leading the renaissance, the big players are still top dogs when it comes to IT hiring.
IBM, one of New York's largest computer companies, has about 7,450 employees in the New York metro area alone, and has more than 500 openings listed on their Web site. As a whole, the state registers about 17,800 other tech firms.
The infusion of old and new business has New York’s IT job market primed.
Technology job listings on Dice, the leading technology career site, for the New York City area increased a healthy 16 percent during a recent three-month period, from 9,310 in December to 10,825 in March. The most sought-after IT skills right now, according to Dice, include Java, SAP and Oracle.
Tech professionals in New York reported earning an average salary of $76,700 in 2005, according to a survey by Dice. The average U.S. tech salary is $70,300.
“It’s apparent to most that New York has all the qualities needed for the IT industry to thrive,” said Scot Melland, CEO of Dice.
If you would like to be interviewed for the next Dice market report, or if you have comments about this article, please contact us at feedback@dice.com.
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| “No doubt it is picking up steam” |
| - Todd Brizendine, co-founder of Internet startup SpreeNewYork |
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