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).
|HOW LONDON’S GROWTH COMPARES|
|tech/info job growth, 1Q13-1Q14|
|New York City||4.5%||10.6|
|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|