A new study has found that London's technology and information sector is experiencing a boom, employing 382,000 workers and recording growth of 11% since 2009, Consultant News reports.
The analysis, called London: Digital City on the Rise, and released in conjunction with the London session of the Bloomberg Technology Summit, revealed that the number of people working in the tech/info sector in London and the surrounding regions has grown significantly. London and Southeast England now support about 744,000 tech/info jobs, surpassing California where the number of jobs in the sector is 692,000.
Consultant News quotes Michael R. Bloomberg, who said that tech companies play an important role in supporting other industries vying to remain competitive in the 21st-century economy. As Bloomberg explained, for cities like New York and London a growing tech industry is a prerequisite for a growing economy.
London Mayor Boris Johnson added that London is caught up in the technological wave. Johnson sees every reason for the city to continue on the path to continued success in this field.
The Bloomberg analysis was performed by Dr. Michael Mandel of South Mountain Economics LLC and Dr. Jonathan Liebenau of the London School of Economics.
Among other key findings, the report points to London's share of the combined US-UK tech/info sector, which increased from 5.8% in 2000 to 6.8% in 2013. Also, London is a major centre for 'big data' workers (54,000), coming right after New York City, where big data employees number 57,000.
The report names London the world leader in financial technology. The number of fintech workers within 25 miles of London is 44,000. In comparison, the number for New York is 43,000, while for San-Francisco-Silicon Valley it drops to 11,000.