On October 21, Greg David delivered a compelling address on the booming NYC economy at NYSAE's Finance Institute Fall Luncheon. Mr. David is an award-winning former editorial director at Crain's NY Business where he still writes a weekly column and blog. He is also the director of the business and economics journalism program in the Graduate School Business Journalism School at the City University of New York. So he's someone with credentials, to say the least. And it's rare these days that someone with credentials gives us good news. But for those who live or work in NYC, Greg David's message was upbeat.
From record tourism to record employment numbers, all signs are positive. NYC is a magnet for internal immigration -- people are moving here from other parts of the country. These and other significant factors lead Mr. David to dub NYC "an island of economic growth."
For this blog, it is worth knowing that high tech is the city's best paying industry, that Google has 4500 employees situated here, and that digital media is big in NYC, with advertising, one of the city's stalwart areas of focus, driving the revenues of most tech companies. Financial tech and health tech are also strong in the city.
But here is the most meaningful sentence of the day for this blog: "Tech is no longer about building computers. It's about applying computer technology."