New York City is the best city in the world for the technology industry, according to the Savills Index, which ranks cities on the costs of living and doing business, investment opportunities, real estate prices, access to transit, and other factors.
This marks the first time New York City has taken the top spot, with Austin, Texas, and San Francisco, CA, taking the number one and two spots, respectively, in the previous two studies in 2015 and 2017.
San Francisco and London, U.K., ranked second and third in this year's study. New York ranked first because of its volume of venture capital cash, large pool of talent, and the opportunities that exist for exploiting them.
Said Savills Index author Paul Tostevin, "New York can keep generating its own talent and, I think more importantly, recruiting it from around the world."
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