In 2023, the metropolis of New York City experienced a significant inflow of tech professionals, becoming the top destination for relocating workers in the tech industry. This surge was highlighted in a study conducted by venture capital firm SignalFire.
According to the study, the Big Apple registered a net gain of 3.6% in tech talent, indicating that more tech professionals were relocating to the city than were leaving it. This gain was more significant than any other American city, making New York the top choice for 15% of tech workers who relocated for job opportunities, SignalFire researchers Asher Bantock and Heather Doshay wrote in the report released Monday.
Despite New York City’s high cost of living, tech professionals were drawn to the city’s vibrant professional and social scene. The city’s status as a tech hub played a significant role in attracting these professionals, even those from other high-cost cities like San Francisco, Seattle, and Boston.
The study was centered around LinkedIn data that tracked approximately 57,000 relocating employees from some of the largest tech companies and some private firms, The Wall Street Journal was first to report on the data. New York City outperformed other top contenders like Austin, Texas, which had a net gain of 1.4%, and Los Angeles, which posted a 0.6% net gain.
While New York City was gaining tech talent, traditional Big Tech hubs like San Francisco and Seattle experienced a net outflow of tech professionals. San Francisco noted a net loss of 3.7% among relocating tech industry workers, while Seattle took a 2.3% hit. However, tech workers who left the San Francisco Bay Area were most likely to relocate to New York City, according to the analysis.
Despite the outflux of tech workers, San Francisco remains the national leader in tech industry talent. This dominance is especially evident in the field of artificial intelligence, where San Francisco has the highest share of employees working in AI or machine-learning. This is followed by Seattle and New York City.
The influx of tech talent to New York City took place even as the tech industry experienced significant job cuts. Major companies like Amazon, Google, and Meta were among the firms that conducted layoffs. Despite these challenges, New York City continued to attract tech professionals, highlighting its growing prominence in the tech industry.
