The impression of California, besides towering palm trees and sunny beaches, is that it's full of engineers.
When it comes to New York, it's probably the rundown subway, the perpetually crowded Times Square, and bankers in suits rushing along Wall Street.
In everyone's default thinking, it seems like California is the homeland of engineers, while New York is a paradise for business students.
Facebook Invests Big in New York
Since Hudson Yards was completed, it has quickly become a new landmark in Manhattan, a must-visit spot for both locals and tourists alike.
On November 14 this year, Facebook officially signed a contract with Hudson Yards, agreeing to lease over 1.5 million square feet (about 140,000 square meters) across 30 floors of office space.
With the signing of this "internet-famous building," a large number of employees are expected to move to the new office, and many more job openings will become available.
Why New York?
In fact, Facebook isn't the first tech company to set up a major presence in the U.S. in this way.
In February this year, Amazon tried to buy land in Long Island, New York, for its "second headquarters," but faced widespread opposition and eventually had to drop the plan.
In 2018, Google purchased a 1.7-million-square-foot campus near the Hudson River.
That same year, IBM leased nearly 28,000 square feet of space at 19 W Union Square as the headquarters for its engineering and technology operations.
In recent years, New York seems to be increasingly favored by tech companies. Giants like Amazon, Netflix, and Google have been recruiting and expanding their presence in New York. Additionally, various smaller tech companies have also chosen New York to "make their mark."
This series of moves makes one wonder: why are these companies so fond of New York?
First, there are currently 7,000 tech companies located in New York. Companies looking to expand internationally tend to prefer New York because it is often the first choice for multinational corporations entering the U.S., offering international resource advantages that other U.S. cities lack.
Second, while California's industry structure is dominated by tech, New York's economy is built on finance, media, entertainment, and other sectors. Tech can combine with these other industries to create more opportunities.
Finally, from a talent acquisition perspective, the concentration of numerous universities near New York State is a key factor attracting tech companies.
As the world's financial center, New York already boasts a large pool of high-end talent, excellent investment opportunities, and a robust technology environment.
California's Tech Exodus Is a Trend
Why is California, long a hub for tech corporations, gradually declining?
One factor is increasingly high corporate taxes:
Startups wanting to establish themselves in California are burdened by high taxes, creating a vicious cycle. According to 2019 data, California's business tax rate has reached as high as 8.84%, which is 2.3% higher than New York State and 6% higher than North Carolina.
Skyrocketing housing prices:
Google's average salary is $200,000, a level many can only dream of. But even these earners in California are often living paycheck to paycheck, pouring their wages into rent. At Apple, 63% of employees, and at Facebook and Google, 51%, say they can't afford to buy a home.
Rising costs lead to a lower quality of life, making it harder for companies to expand markets and retain talent.
More Opportunities for East Coast Students
The influx of tech corporations means more jobs for students on the East Coast.
Students at Columbia University, New York University, nearby Fordham University, Cornell University, and many schools in Philadelphia and Boston will undoubtedly enjoy the advantage of being close to the action.
Let's look at LinkedIn job postings:
It's clear that these tech companies favor a variety of majors, but computer and technical fields dominate. We can also boldly predict that talent in computer-related areas will be in even higher demand in the coming years.
Finally, a friendly reminder: tech-related majors are becoming increasingly popular among students, and competition will only intensify. If you want a piece of the pie in these fields, you can't afford to slack off.
The same goes for employment in the tech industry. Only by constantly updating and mastering new knowledge and skills in your domain can you better adapt to the industry's rapid development.
