New York’s Tech Industry Totals 300,000 Jobs
Venture Capital Investments in New York Rise by 16 Percent in 2006

Albany, NY (April 24, 2007) – AeA, the nation’s largest technology trade association with 2,500 member companies representing all segments of the high-tech industry, today released its 10th anniversary Cyberstates report detailing national and state trends in high-tech employment, wages, and other key economic factors. The report, Cyberstates 2007: 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 299,900 with a total payroll of $23.1 billion. New York's high-tech industry experienced a net loss of 800 jobs – a drop of a quarter of one percent of the state’s tech industry workforce – in 2005, the most current state data available.

Like many states, New York suffered the largest job losses in the telecommunications services sector, down 3,500 jobs in 2005. On the positive side, New York saw growth in several sectors including computer design and related services (+1,700 jobs), R&D and testing labs (+900 jobs), and defense electronics manufacturing (+600 jobs).

"Tech industry job losses in New York were by far the smallest they have been since the bursting of the high-tech bubble in 2001,” said Justin Wright, Executive Director, AeA New York Council. "And many tech sectors – in both manufacturing and services – are growing. Add to this the fact that venture capital investments rose by 16 percent in 2006 following a 46 percent rise in 2005, and we believe the Empire State 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,” continued Wright, “we need to remain focused on the math and science education of our children and the skills of our workforce and remain committed to research & development in New York’s companies and universities."

Nationally, Cyberstates 2007 shows that the high-tech industry is picking up. High-tech employment was up by 146,600 out of 5.8 million workers in 2006, the second year in a row that the U.S. tech industry has added jobs.

This 10th edition of Cyberstates provides a comprehensive review of the high-tech industry nationally and state-by-state in terms of high-tech employment, wages, payroll, and establishments. Cyberstates also offers data on venture capital investments and R&D expenditures.

A national and state-by-state analysis of the technology industry and international trade will appear in a forthcoming AeA report entitled Trade in the Cyberstates 2007: A State-by-State Overview of High-Tech International Trade.

AeA members can purchase Cyberstates 2007 for $125; non-members for $250. Visit www.aeanet.org/cyberstates to download the report, or call 408.987.4200.

What Does High Tech Mean for New York?

• 299,900 high-tech workers (3rd ranked cyberstate)
   

• 800 jobs lost between 2004 and 2005
   

• High-tech firms employed 43 of every 1,000 private sector workers in 2005, ranked 27th nationwide
   

• High-tech workers earned an average wage of $77,000 (10th ranked), or 45 percent more than New York's average private sector wage
   

• A high-tech payroll of $23.1 billion in 2005, ranked 3rd nationwide
   

• 17,300 high-tech establishments in 2005, ranked 4th nationwide
   

• Venture capital investments of $1.3 billion in 2006, up 16 percent from $1.1 billion in 2005
   

• R&D expenditures of $13.1 billion in 2004, ranked 6th nationwide

New York’s National Industry Sector Rankings:

• 1st in photonics manufacturing employment with 8,700 jobs
   

• 2nd in defense electronics manufacturing employment with 11,700 jobs
   

• 3rd in electronic components manufacturing employment with 15,300 jobs

Source: Cyberstates 2007

Data are for 2005 unless otherwise noted.

2005 state data are the most current available for 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, the nation’s largest technology trade association with 2,500 member companies representing all segments of the high-tech industry, 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 http://www.aeanet.org. 

This page was last updated on 04/23/07.      
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