July 3, 2013
New York Tech Employment Outpaces Silicon Valley But Lags in Salaries
TriNet’s SMBeat, an analysis of trends in key human capital economic indicators for small businesses, reports employment in the New York tech sector received a 2.5% bump in June as the state continues to challenge San Francisco as a tech hub and start-up incubator. Net job growth in New York tech has outpaced Silicon Valley consistently since March.
While New York beats California in employment growth, the same does not hold for salaries. The average salary for the NY tech sector is $94,000 compared to $120,000 nationally and $143,000 in California. Likely factors to the salary differential are highlighted in TriNet SMBeat data which shows NY tech workers trend younger and more female than the CA tech population.
Silicon Valley and New York aren’t the only hubs for innovation; the future looks bright for the Georgia tech sector as the state works to provide $100 million in venture capital funding to startups over the next few years. The state’s efforts to court technology companies and entrepreneurs are paying off with hiring activity at 5.89% for the month. Additionally, strong job creation showed net growth at 3.74% in June, significantly outpacing Silicon Valley’s growth of 1.31%.
The complete SMBeat report is available here.