A recent report revealed that Brooklyn is emerging as one of the nation’s fastest growing tech hubs, surpassing Manhattan and ranking second to San Francisco.
The study shows that Brooklyn has experienced a 365 percent increase, outperforming all but one of the nation’s 17 major tech hubs.
The report was researched and produced by the Center for an Urban Future, who collaborated with Downtown Brooklyn Partnership, Dumbo Improvement District, Brooklyn Navy Yard Development Corporation and Industry City.
Data from the report also shows that Kings County has seen a 155 percent growth in creative industry’s within the last decade.
Brooklyn has experienced job loss in the traditional manufacturing sense, but because of net job gains in areas like jewelry and electrical equipment manufacturing, Brooklyn managed to increase its numbers.
In the New York City area, Brooklyn has 9.2 percent of New York City’s tech start-ups, compared to 6.3 percent in 2000, according to the data.
“At the cross section of arts and tech, Brooklyn has become a hub for innovation and growth, outperforming the rest of the city in attracting and growing companies at the cutting edge of their industries,” said Regina Myer, president of the Downtown Brooklyn Partnership. “And with a population set to eclipse Chicago’s by 2020, the borough serves as a model for cities around the world. This report clearly demonstrates that New York City is no longer a synonym for Manhattan — Brooklyn is on the map.”
In the area of start-ups, Brooklyn had 1,205 tech start-ups in 2018, up from 264 in 2008. The growth that Brooklyn has recently witnessed can be attributed to the abundance of industries that are fueled by invention, creativity and technology due to the nation’s recent interest in these fields.
The report also provides new data about the size and reach of Brooklyn’s economy. The data breaks down the scope, along with providing information about the sub-fields that have been growing the fastest in Brooklyn. While many believe Manhattan has more start-ups than any borough, data revealed that Brooklyn has as many start-ups as Queens, the Bronx, Manhattan and Staten Island combined.
“The innovation economy has become a vital new engine of growth for Brooklyn,” said Jonathan Bowles, executive director of the Center for an Urban Future. “Innovation industries have added thousands of well-paying jobs across Brooklyn, helped diversify the borough’s economy, and given Brooklyn an important competitive advantage in a part of the economy that is expected to grow significantly in the years ahead.”
For more information, visit nycfuture.org/research/brooklyns-growing-innovation-economy.
