AI's impact on New York employment
While generative artificial intelligence is poised to create some uncertainty in the jobs market, AI and the tech sector in general play an important role in the New York economy.
New York's fertile ground for tech startups
Who is expected to see the greatest Selected types of occupations ranked by GenAI exposure score
Companies
New York's tech sector accounts for 7% of the city’s total workforce. That's over 360,000 employees. New York's also one of the largest AI employers. From 2022 to 2023 only the San Francisco metro area posted more AI jobs than the New York City area.
New York City is the world's second largest tech ecosystem, according to Startup Genome. The city is home to more than 25,000 tech-enabled startups with an ecosystem value above $694 billion in 2023. AI startups earned some of the city’s largest VC investments that year.
Note: Higher-paying roles yield larger cost savings if eliminated and greater productivity gains if augmented, thus industries were weighted by both occupational share and salary for the "greatest disruptions" data.
Sources: Brookings Institute, The Burning Glass Institute and SHRM, Citigroup and the New York City Economic Development Corporation
Mortgage and nonmortgage loan brokers
Law offices
Investment banking and securities dealing and brokerage
Commercial banking
Offices of certified public accountants
Investment advice
Tax preparation services
Human resources consulting services
Marketing research and public opinion polling
Insurance agents and brokers
Finance and insurance
Professional services
Finance and insurance
Finance and insurance
Professional services
Finance and insurance
Professional services
Professional services
Professional services
Finance and insurance
Industry
Sector
In additional to finacial services, proffesional services is also expected to see extensive AI disruption, according to Burning Glass Institute and SHRM report. This could spell trouble for many New Yorkers. Those industries account for 1.2 million New York jobs, roughly 28.1% of all private sector employment in the city.
NYC a leading AI employeer
Number of generative AI job postings by metro area
The Burning Glass Institute and SHRM report the top ten industries most at risk are in these two sectors.
Industries with greatest AI disruption risk
Change in New York City jobs June 2024 vs. June 2023
-0.9%
Finance and insurance
-0.9%
Professional and business services
1.3%
All private sector jobs
July 2022 to July 2023
Silicon Valley
Ecosystem value
New York City
London
Los Angeles
Tel Aviv
Finance and insurance
Professional services
Finance and insurance
Finance and insurance
Professional services
Economic impact, calculated as the value of exits and startup valuations. (Amount in billions)
Early-stage funding
Total seed and Series A funding in tech startups. (Amount in millions)
Exit value
The cumulative value of exits in the ecosystem (2019-2023). (Amount in millions)
Notes: Ecosystem value and early-stage funding 2021-2023. A tech startup is defined as an innovative or technology-driven company founded within the last 10 years (as of 2023) and that has technology and/or scalability at the core of its business model. An ecosystem is defined as a cluster of startups and related entities that draw from a shared pool of resources and generally reside within a 60-mile radius of a central point in a particular region.
$2,485
$694
$510
$442
$253
$32.13
$20.94
$16.02
$7.78
$7.42
$687.09
$164.35
$108.14
$97.66
$66.52
Silicon Valley
New York City
London
Los Angeles
Tel Aviv
Silicon Valley
New York City
London
Los Angeles
Tel Aviv