New York's Tech Industry Adds 1,600 jobs
ALBANY, N.Y., April 2, 2008 /PRNewswire/ -- AeA, the nation's largest technology trade association representing all segments of the high-tech industry, today released its 11th annual Cyberstates report detailing national and state trends in high-tech employment, wages, and other key economic factors. The report, Cyberstates 2008: 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 301,500 with a total payroll of $24.4 billion. New York's high-tech industry experienced a net gain of 1,600 jobs in 2006, the most current state data available. Venture capital investments in New York totaled $1.2 billion in 2007, ranking the state 5th nationwide by this metric.
Like many states, New York suffered a large job loss in the communications services sector, down 2,300 jobs in 2006. On the positive side, New York saw growth in several sectors including computer systems design and related services (+4,500 jobs) and engineering services (+700 jobs). New York is also hub for the photonics industry, ranking first in the nation with more photonics workers than California, 8,500 compared to 7,400.
"I applaud AeA for its comprehensive and accurate reporting on high tech, including the 2008 Cyberstates report, which underscores New York's standing as a national leader in the high-tech industry, with a technology workforce of more than 300,000 and payroll of over $24 billion," said Dr. Alain E. Kaloyeros, Vice President and Chief Administrative Officer of the College of Nanoscale Science and Engineering (CNSE) of the University at Albany. "More importantly, with the vision and support of Governor Paterson, Speaker Silver, and Senate Majority Leader Bruno, the UAlbany NanoCollege and New York's growing nanotechnology sector have gained global recognition as a world leader in nanoscale education, research, and commercialization, creating new opportunities to attract additional high-tech jobs, companies, and investment to the Empire State."
"As the nation's third largest technology state with average annual wages of over $80,000, New York's tech industry plays an important role in the national economy. This is particularly true in the photonics and nanotechnology sectors," said Justin Wright, Executive Director, AeA New York. "CIRCA 08' co-hosted by AeA and CNSE is the nation's leading conference on nanofabrication, commercialization, and collaborative research."
"To continue the long-term growth of tech jobs," continued Wright, "we need to keep our state and local policy officials focused on the math and science education of our children. And our federal policy officials need to increase research and development funding and improve access to the best and brightest individuals from around the world."
Nationally, Cyberstates 2008 shows that the high-tech industry added jobs for the third consecutive year. Tech industry employment totaled 5.9 million, after adding 91,400 jobs in 2007. This is on top of job gains of 139,000 in 2006 and 87,400 in 2005.
This 11th 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.
Two other major AeA cyber reports are forthcoming that analyze the U.S. high-tech industry: Cybercities 2008: An Overview of the High-Technology Industry in the Nation's Top 60 Cities, and Trade in the Cyberstates 2008: A State-by-State Overview of High-Tech International Trade.
AeA members can purchase Cyberstates 2008 for $125; non-members for $250. Visit http://www.aeanet.org/cyberstates to download the report, or call 408.987.4200.
What Does High Tech Mean for New York?
-- 301,500 high-tech workers in 2006 (3rd ranked cyberstate)
-- 1,600 jobs gained between 2005 and 2006
-- High-tech firms employed 43 of every 1,000 private sector workers in
2006, ranked 26th nationwide
-- High-tech workers earned an average wage of $80,900 (10th ranked), or
42 percent more than New York's average private sector wage
-- A high-tech payroll of $24.4 billion in 2006, ranked 3rd nationwide
-- 17,700 high-tech establishments in 2006, ranked 4th nationwide
-- Venture capital investments of $1.2 billion in 2007, down nine percent
from $1.3 billion in 2006, ranked 5th nationwide
-- 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 8,500 jobs
-- 2nd in defense electronics manufacturing employment with 11,800 jobs
-- 3rd in electronic components manufacturing employment with 15,400 jobs
Source: Cyberstates 2008
Data are for 2006 unless otherwise noted.
2006 state data are the most current available for employment, wages, payroll, establishments, and industry sector jobs.
Published by AeA, Advancing the Business of Technology ( http://www.aeanet.org/ )
About AeA
AeA, the nation's largest technology trade association, 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/ .
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