New York City Still the Undisputed Champ in Attracting Tech and Finance Talent

New York City is home to more tech and finance bros (and their female counterparts) than at any other time in its history, according to a new report, which should have office brokers and landlords champing at the bit to fill up any vacant space they may have available. 

Overall, New York City added 10,600 private sector jobs in January, a decline when compared to the addition of 19,900 private sector jobs in December, according to the latest economic snapshot report from the New York Economic Development Corporation (NYEDC). However, the report highlighted that there are “now more jobs in the securities subsector than at any other time in New York City history,” the NYEDC report said.

There are 385,400 jobs in finance and insurance overall in New York City, 36,700 more than in February 2020, according to the NYEDC.

“We are encouraged by some bright spots from the latest jobs report, from the securities sector having more jobs than it ever has before to improvements in labor force participation — all highlighting a continued commitment to New York City and a confidence in the city’s economy,” Erica Gould, assistant vice president of strategic communications for NYEDC, told Commercial Observer.

The higher numbers are good news for the landlords of New York City, both in the office sector and the residential sector, as talent continues to flock to the area, despite concerns of a mass exodus of workers from New York City. 

One person concerned that New York will lose its talent to other cities is J.P. Morgan CEO Jamie Dimon, who warned in a letter to shareholders recently that companies could leave cities — like New York City — where elected officials are proposing raising taxes on corporations and high-net-worth individuals. It’s also worth noting that J.P. Morgan spent about $4 billion to construct a new office building in New York City at 270 Park Avenue.  

While research from JLL found that it is true New York City has lost some residents to places such as Florida and Texas, New York still maintains a 10 percent lead in the cohort of high-skilled individuals. 

“Among mid- and early-career professionals from top schools and key office-using industries, 60 percent chose New York,” the JLL report authors wrote. “For every skilled professional New York loses to Florida, it gains 70 comparable profiles from other major states.”

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.