Silicon Alley still catching up to Silicon Valley

New York City's tech sector is growing more quickly than that of any other region in the country, according to a report from the Center for an Urban Future.

New York City's tech sector is growing more quickly than that of any other region in the country, according to a report from the Center for an Urban Future. Surpassing Boston, New York now falls behind only Silicon Valley as the No. 2 tech center in the country.

Even with an 11% national decline in venture capital deals, New York saw an increase. Much of the draw for tech companies setting up shop in New York is the proximity to the fashion, media, financial services, and advertising industries, all of which have become hot areas for innovation.

Some of the growth has been attributed to Mayor Michael Bloomberg's efforts to build the industry and reduce New York's economic dependence on finance.

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