More connectedness, more job growth

Peter Coy at BusinessWeek just wrote a short piece about SME’s recent paper, “Connections As A Tool For Growth:Evidence From The LinkedIn Economic Graph.” He noted that:

Jobs were added to the economy fastest in cities where LinkedIn (LNKD) users have dense webs of connections, a new study finds.

The most-connected metro regions enjoyed job growth (2010-14) more than double that of the least connected metro regions.

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Is NYC the New Video Capital of the Country?

I’m going to be at St. John’s University in New York on Tuesday, September 9, speaking on “New York, New York: Careers in the Big Apple.” Preparing for that talk, I did some comparisons between the NYC labor market and the rest of the country. Here’s one teaser: I looked at online help-wanted ads that contained the term “video production.” What I found is that New York City had 297 want-ads containing the term “video production,” more than double the 137 want ads in Los Angeles.

Help-Wanted Ads containing the term “video production”
(as of September 7, 2014)
New York City 297
San Francisco 153
Los Angeles 137
Washington DC 116
Chicago 76
Boston 61
Seattle 37
Data: Indeed.com, South Mountain Economics LLC

In fact, this accurately reflects the state of the movie/video industry in the two cities. According to stats from the BLS, employment in the “motion picture and sound recording industry” in the LA area is basically flat since 2007-2008. By contrast, employment in the “motion picture and sound recording industry” in New York City is up about 40% or so and still rising.

London tech/info job growth in Q1 equals SF-SV, New York, and Boston combined

When I was in London a couple of weeks ago, I stayed in Shoreditch, one of the key tech centers in London, and the energy was palpable.

Indeed, when we look at the latest statistics, London’s first quarter job growth was off the charts. In particular,  London’s tech/info sector grew by 9.6% from the first quarter of 2013 to the first quarter of 2014. The next closest U.S. state was Massachusetts, at a 6.2% increase in tech/info jobs over the past year (we have data for 23 states).

Looking at the data in terms of the increase in the number of tech/info jobs, rather than growth rate, gives an equally impressive result. London added 36,000 tech/info jobs over the past year, roughly about equal to the combined gain in tech/info jobs in San Francisco-Silicon Valley, New York City, and the Boston metro area (respectively 18.3, 10.6, and 7.4 thousand). (Note:The SF-Silicon Valley number includes computer and electronic products manufacturing, a category covering companies such as Apple).

 

 

 

 

Londontech1Q14

 

 

HOW LONDON’S GROWTH COMPARES
tech/info job growth, 1Q13-1Q14
percent thousands
London(UK) 9.6% 36.0
Boston metro 7.1% 7.4
SF-Silicon Valley 5.4% 13.9
SF-Silicon Valley* 4.7% 18.3
New York City 4.5% 10.6
Massachusetts 6.2% 9.3
Texas 3.9% 12.6
Utah 3.6% 1.9
North Carolina 3.5% 3.8
California 3.4% 23.3
Oregon 3.4% 1.5
Florida 3.4% 6.8
Washington 2.9% 4.2
New York 2.8% 9.6
Colorado 2.2% 2.6
Michigan 1.8% 1.8
Georgia 1.6% 2.5
Minnesota 1.2% 1.0
Nebraska 0.7% 0.2
New Jersey 0.3% 0.4
Missouri 0.1% 0.1
Alabama 0.1% 0.0
Ohio -0.5% -0.6
Illinois -0.8% -1.3
Pennsylvania -0.8% -1.2
Connecticut -1.0% -0.5
Maryland -2.8% -3.1
Virginia -3.1% -6.8
For UK, tech/info sector defined as “Information and Communications”
For US, tech/info sector defined as Information (NAICS 51) plus
Computer Systems Design (NAICS 5415).
Table includes all states with published data on 1Q14 tech/info jobs
*Includes computer and electronic products manufacturing
Data: Office for National Statistics, Bureau of Labor Statistics, South
Mountain Economics

 

 

London-East-Southeast region outpaces California in tech/info

In the study London: Digital City on the Rise, we compared the London-East-Southeast region to California, pointing out that the tech/info sector in the combined UK region was growing faster than the American state.

According to just-released data, that trend continued into the first quarter of 2014. From the first quarter of 2013 to the first quarter of 2014, the London-East-Southeast region added 61,000 tech/info jobs, for an 8.4% gain. Meanwhile, over the same period, California added only 23,000 tech/info jobs, for a 3.4% gain.