How Old Media Helped Spur New York's Tech Boom

When Wall Street crashed back in 2009, dire commentators predicted the imminent decline of New York. I was far more optimistic about the city’s future, writing in The Atlantic, “the financial crisis may ultimately help New York by reenergizing its creative economy.” I noted that New York is a global city with a diverse economy. While finance makes up a large share of the city’s wage bill and tax revenues, a sizable chunk also comes from media and entertainment, arts, culture, music, fashion and design.

But what actually surprised me a bit was the rise of New York City's tech industry in recent years – part of a broader shift to urban tech. New evidence from economist Michael Mandel backs this up. New York City’s share of private employment across America, according to Mandel, is at its highest in more than two decades. And driving this recovery has been the city's burgeoning high-tech industry, including information and media.