Something Exciting is Always Happening
in New York's Tech Trenches
October 2007
Google's expansion is just one expression of optimism about Gotham's growing tech sector.
If you choose to use Google as a leading employment indicator - which isn't a bad idea these days - then things are looking good for New York City. Having made a splash in Manhattan's Chelsea district last year, Google got hearts fluttering all over again when it announced a major expansion across the street and plans to add jobs in the coming months.

New York's tech boosters are banging their drums not only about Google. They're also pointing to a September report from the non-profit Industrial Assistance Corporation, a development group that set out to count the true number of tech jobs in the entire metro region. Its tally: 620,000 positions, double the number of people who work in Silicon Valley. The report, called Buried Treasure: New York's Hidden Tech Sector, counted tech workers at more than 180 companies that rely heavily on technology. According to an Associated Press report, it also recommended setting up an Office of Science and Technology Enterprises within the city government.

"The job market appears to be getting a great deal better. There are more job postings, and the rates are improving."
- Louis J. Buonincontri, Dice user

Louis J. Buonincontri, a veteran Dice user, senses that New York has shaken off its post-9/11 doldrums, especially in the financial services industries. "The job market appears to be getting a great deal better," he says. "There are more job postings, and the rates are improving." Buonincontri suggests the IT job market follows the highs and lows of the construction industry: "For years I have been traveling to the city with many construction workers," he says. "When they have work, the IT jobs seem to be booming. When they begin to face layoffs, the IT market begins to shrink." That's just one person's observation, but it's good food for thought.

Adam Bilinski, New York branch manager for IT recruiter Sapphire Technologies, says the area's current IT job climate is "still strong. It's not 1999 all over again, but the number of jobs we are listing is similar." What kinds of jobs would those be? Bilinski cites application development utilizing C#, .NET, and Java. Also, project management and business analysis with expertise in a specific business line such as equities, commodities, foreign exchange or derivatives.

"The investment banking community is always looking for excellent technical skills combined with specific business knowledge," says Bilinski. "The candidates with strong technical skills will always have job options in New York, regardless of current market conditions."

IT staffing consultancy Robert Half Technology reported that 15 percent of New York CIOs plan to make new hires this quarter, according to its fourth-quarter IT Hiring Index. The quarterly Manpower Employment Outlook Survey, which covers all industries, said that from October to December, 16 percent of the companies interviewed plan to hire more employees, while 15 percent expect to reduce their payrolls.

It should be no surprise that New York yields more IT job listings than any other city on Dice. The number of available jobs has been holding steady - at about 11,000 - throughout the year. In the third quarter, listings crept up 2 percent.

One note: Anyone considering the New York market should understand that while there are a lot of jobs available, there is lots of competition as well.

According to the annual AeA Cyberstates report, New York as a state has a $23 billion tech payroll. High-tech firms employ 43 of every 1,000 private sector workers, and there are more than 17,000 high-tech firms in the state. New York has suffered job losses in the telecom sector, but growing areas include computer design and related services, R&D and testing labs, and defense electronics manufacturing.

Fast Company magazine points job hunters to what it's declared to be the fastest-growing companies in the city: Viacom, JetBlue Airways and investment banking behemoth Goldman Sachs. Tech-specific companies on the fast track include MusicNet, Vibrant Media and Consumer Powerline, according to Inc. magazine.

Sapphire's Bilinski calls himself "optimistic" about the months ahead. "The stock market may be due for a correction," he says, "but based on our projections, employers in the New York area will still hire a tremendous amount of IT talent over the next year."

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