After over two decades of close interaction with the technology researchers, developers and business industries in New York City, the Industrial and Technology Assistance Corporation (ITAC) has released a report regarding the nature and depth of the tech sector in NYC.

According to Kunal Malhotra, director of legislation and budget to Council Member Gale A. Brewer, the report contends that:

• The technology workforce (227k) ranks only behind financial services (313k) and healthcare (366k)
• Technology employment is often miscalculated or missed in other reports
• High-tech jobs generate above average earnings
• The NY metropolitan statistical area is the nation's largest center of high-technology employment, outranking better-known technology centers such as Silicon Valley, Seattle and Boston
• NY leads the country in graduate science students
• Proximity to customers is the top reason for tech firms to locate to NY, although one third of executives seriously considered relocating outside of NY due to challenges in the area
• Executives say useful assistance would include (a) finding skilled workers, (b) securing access to capital, and (c) forming strategic partnerships
• 80 percent of execs in small- to mid-sized tech firms are unfamiliar with government assistance programs.
  

The report recommends:

• The branding of NYC as a leading technology center
• Creating an Office of Science and Technology Enterprises, analogous to the Office of Industrial and Manufacturing Businesses, under the deputy mayor for economic development
• Reducing costs of doing business in NYC, e.g. R&D tax credits, sales tax exemptions, tax credits for investors
• Promoting research, partnerships and training in technologies, including the promotion of a K-12 STEM (Science, Technology, Engineering, and Mathematics) program to foster a future technology workforce
• Develop the city's infrastructure, including energy and telecommunications infrastructure and access to reasonably-priced and flexible real estate (i.e. technology "incubators").
  

In response to the findings in ITAC's study and the need to advocate further exploration of the city's need to continue stimulating its high technology business sector, the Committees on Technology in Government and Economic Development will hold a joint hearing on Wednesday, October 10 at 1:00pm at City Hall.