Google announced plans to build a $1 billion campus in New York, as the city’s tech scene continues to hit new heights. The move will see the company expand its already significant workforce by over 7,000 staff, according to The New York Times.
The decision by Google to build a campus in Manhattan’s West Village neighborhood came after Amazon announced its new home in Long Island City. If both plans come to fruition, it will cement New York’s status as Silicon Valley’s latest rival.
New York- The New Silicon Valley?
Already, Facebook, Apple, Spotify, Uber, and LinkedIn are also thriving in New York. As the hunt for talent continues, tech’s impact on the city is accelerating. New York’s centuries-old status as a center of global finance may become overshadowed by tech firms looking to position the town as an international hub for technology.
The rise of homegrown companies like Etsy, Yext and MongoDB, Tumblr, and WeWork further lends credence to New York’s rising tech clout.
Google already acquired Chelsea Market, where it has had an office in a deal reportedly worth $2.4 billion. The recent plan to build another facility on the West Side of Manhattan shows its readiness to strengthen its presence in New York.
Also, Google occupies other spaces in the Chelsea Market area. The New York Times report mentions that the St. John’s Terminal building near the Holland Tunnel on Washington Street will be the centerpiece of the new 1.7-million-square-foot campus. In addition, Google also plans to lease two buildings on Hudson Street. In all, the tech giant will expand its business in Manhattan by about 6.75 million square feet.
The Right Workforce
The Google expansion is born out of a desire to continually attract the right workforce, as the Manhattan area offers a robust and diverse talent pool.
“New York City continues to be a great source of diverse, world-class talent. That’s what brought Google to the city in 2020, and that’s what keeps us here,” Google’s chief financial officer, Ruth Porat, said in a statement quoted by The New York Times.
Interestingly enough, the number of tech jobs has also grown 30 percent in New York in the last ten years, two times more than the city’s economic growth rate, according to the Seattle Times, citing data from a Tech: NYC study.