New York’s capital has become a hotbed for the tech industry.
In fact, it’s become a hub for startups in general, according to research firm KPMG.
In 2017, the tech sector accounted for $1.3 trillion in revenue, and New York accounted for almost half of that, with the city accounting for more than half of the $2.5 trillion that was generated by that sector in 2016.
So what makes Portland so special?
According to the report, it has one of the highest startup rates in the U.S., with more than 60 percent of companies that opened in the city being founded by at least one other startup.
The other cities with higher startup rates?
San Francisco, Seattle, Los Angeles and Dallas.
Here are the 10 fastest growing tech hubs in America.
New York, NY 2.
Los Angeles, CA 3.
Seattle, WA 4.
Boston, MA 5.
Dallas, TX 6.
Washington, DC 7.
Detroit, MI 8.
Houston, TX 9.
San Diego, CA 10.
Austin, TX The report cites four reasons for the city’s popularity.
It’s home to over 80 percent of the city and over 25 percent of its residents are tech-savvy, making it a “segment of the country with a high percentage of educated residents,” according to the firm.
Plus, New York has a strong network of young people and an emphasis on open innovation, which helps the city attract the next generation of tech talent.
According to KPMg, New Yorkers are also more likely to be tech savvy and entrepreneurial than their counterparts in other parts of the U., as well as a “strong preference for the quality of life that comes with living in the City of Lights.”
The report also says New York is the only major city to have an established startup culture, as well.
It has a diverse tech sector, which includes a large number of high-tech companies and startups, according the report.
For example, a majority of companies in the New York-based technology sector are founded by people from the city, with half of those being startups, the report notes.
Washington D.C. The capital of the District is home to more than 200,000 residents, and more than 35 percent of those are tech savvy.
According the report from KPM