Brooklyn Tech Triangle: Economic Impacts of Tech & Creative Sectors

Location

Brooklyn, New York

Client

Downtown Brooklyn Partnership, Brooklyn Navy Yard Development Corporation & the DUMBO BID

Project Lead

Urbanomics

Services

Economic Impacts
Market Analysis

Downtown Brooklyn Partnership

Image Credit:

Serving as prime contractor to the Downtown Brooklyn Partnership, the Brooklyn Navy Yard Development Corp. and the DUMBO BID, Urbanomics prepared an estimate of current and likely near-term economic impacts to be derived from the tech and creative industries, including, but not limited to, app development, media and design, located in the Brooklyn Tech Triangle.

Based both upon official Department of Labor reports of employment as well as on the results of an online survey developed with the Task Force and administered by Urbanomics, it was determined that the tech/creative sectors in the Triangle are expected to more than triple their economic impact over the next ten years with opportunities for nearly 18,000 additional jobs and $4.8 billion in further economic impact. The study highlighted the dire need for new commercial development in the area to support the tech sector.

Given the projected accelerated demand for office space, the report argued that the growth of the Tech Triangle, both in terms of job creation and economic impact, hangs in the balance. The report made four recommendations to ensure the tech triangle thrives as a world-class center for innovation including: the creation of additional commercial and industrial working space; leverage City assets to support commercial growth; invest in public spaces; and enhance transit infrastructure. Urbanomics recommendations inspired further economic study in the area including the Brooklyn Tech Triangle Strategic Plan.