New York's Tech Industry Totals 300,700 Jobs
Venture Capital Investments in New York Jumped 47 Percent in 2005
 

Albany NanoTech, NY (April 19, 2006) – AeA, the nation’s largest trade association representing all segments of the high-tech industry, today released its ninth annual Cyberstates report from its offices at the Albany NanoTech Complex of the NanoCollege of the University at Albany-SUNY.  The report details national and state trends in high-tech employment, wages, exports, and other key economic factors.  The report, Cyberstates 2006: A Complete State-by-State Overview of the High-Technology Industry, covers all 50 states, the District of Columbia, and Puerto Rico.

New York State remained the third largest Cyberstate employing 300,000 with a total payroll of $22.1 billion.  In addition, the report found that New York is the 4th largest Cyberstate based on high-tech exports, selling $9 billion dollars in tech merchandise to the world in 2005, an 8 percent increase over the previous year.  This accounted for 18 percent of overall exports in the state of New York.

"Tech industry job losses in New York slowed dramatically in 2004,” said Justin Wright, Executive Director, AeA New York Council.  "We are seeing positive indicators for the future.  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.  To promote long-term growth of tech jobs, we need to remain focused on the math and science education of our children, the skills of our workforce, and remain committed to research & development."

New York's high-tech industry fell by 4,700 in the most recent year state data are available.  Like many states, New York has suffered the largest job losses in its Internet services and telecommunications services sectors, down 2,800 and 1,700 jobs, respectively, in 2004.

Nationally, Cyberstates 2006 shows that the high-tech industry is edging forward.  High-tech employment was up by 61,100 out of 5.6 million workers in 2005, the first increase in tech jobs in four years.  U.S.  high-tech exports were also up by four percent for a total of $199 billion in 2005.

This ninth annual edition of Cyberstates provides a comprehensive review of the high-tech industry nationally and state-by-state by high-tech employment, wages, payroll, establishments, and trade.  Cyberstates also offers data on venture capital investments and R&D expenditures.

AeA members can purchase the report for $95; non-members for $190.  Visit www.aeanet.org/cyberstates to download the report, or call 408.987.4200. 


What Does High Tech Mean for New York?

• 300,700 high-tech workers (3^rd ranked cyberstate)
   

• 4,700 jobs lost between 2003 and 2004
   

• High-tech firms employed 44 of every 1,000 private sector workers in 2004, ranked 26th nationwide
   

• High-tech workers earned an average wage of $73,600 (11^th ranked), or 45 percent more than New York's average private sector wage
   

• A high-tech payroll of $22.1 billion in 2004, ranked 3^th nationwide
   

• 17,800 high-tech establishments in 2004, ranked 4^th nationwide
   

• High-tech exports totaled $9 billion in 2005, ranked 4th nationwide
   

• High-tech exports represented 18 percent of New York’s exports
   

• Venture capital investments of $1.1 billion in 2005, up 47 percent from $728 million in 2004
   

• R&D expenditures of $13 billion in 2003, ranked 5^th nationwide

New York’s National Industry Sector Rankings:

• 1^st in photonics manufacturing employment with 9,100 jobs
   

• 2^nd in defense electronics manufacturing employment with 10,700 jobs
   

• 3^rd in R&D and testing labs employment with 40,400 jobs

Source: Cyberstates 2006

Data are for 2004 unless otherwise noted.

2004 data are the most current for state employment, wages, payroll, establishments, and industry sector jobs.

Published by AeA, Advancing the Business of Technology (www.aeanet.org)
 

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About AeA

AeA, founded in 1943, is a nationwide trade association that represents all segments of the technology industry and is dedicated solely to helping our members’ top line and bottom line.     We do this in partnership with our small, medium, and large member companies by lobbying governments at the state, federal, and international levels, providing access to capital and business opportunities, and offering select business services and networking programs.  For more information, please visit www.aeanet.org.    

This page was last updated on 04/17/06.      
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