Tech is outpacing Wall Street for job growth in NYC

Tech is leaping past Wall Street in New York.

The tech industry is creating more jobs than the finance sector. William Dudley, the president of the New York Federal Reserve, said the technology industry was stepping in where finance used to support the local economy, according to CNBC.

Wall Street has in the past been integral to New York's recovery after an economic crisis, Dudley said. This time around, it was the tech sector that provided that key revival.

"Growth in these high-paying jobs is picking up much of the slack created by the softness of the securities industry," he said.

New York still isn't Silicon Valley, but the city's tech industry is having an increasingly important impact. The subsets of the technology industry that Dudley pointed to as creating the most jobs in New York were internet publishing, e-commerce and scientific research and development.

While the New York tech scene has been growing, Wall Street has withered as a jobs engine. Both irresponsibility before the financial crisis and increased regulation afterward could be to blame for that, Dudley said.

Even as some regulations have helped to keep Wall Street healthy in the aftermath of the 2008 crisis, returns are still lower than they once were, potentially affecting the number of jobs these firms are creating.