San Francisco Bay Area, Seattle and Toronto rank atop CBRE’s annual grading of tech centers, with Orlando and San Diego among fastest risers
Tightening availability of tech talent in leading markets has spurred hiring momentum in smaller and upstart markets in the U.S. and Canada – such as Tucson, Ariz., and Waterloo, Ont. – as expanding tech employers seek additional labor pools, according to CBRE’s annual Scoring Tech Talent report.
Overall, big markets continue to produce the largest volumes of jobs and tech degree graduates, with the San Francisco Bay Area, Toronto and New York City adding the most tech jobs in the past five years. But several years of low unemployment rates have dampened the momentum of many leading tech talent markets; Fifteen of the top 50 markets in CBRE’s report registered an accelerated, two-year pace of tech job growth, down from 23 last year.
Partly as a result, smaller markets outside of CBRE’s top 50 have absorbed some tech-labor demand. For the first time, CBRE’s report includes a list of fast-growing “opportunity markets,” led by Tucson with a 90 percent increase in tech jobs over five years, Hamilton, Ont.’s 52 percent gain, Waterloo’s 40 percent gain and Las Vegas’ 35 percent gain.
The Bay Area and Seattle remain the two highest rated tech talent markets, respectively, and Toronto climbed one spot to No. 3 overall. Washington, D.C., and New York City – the top two regions for producing tech-degree graduates – round out the top five. CBRE’s separate list of “momentum markets” that most accelerated their tech talent employment growth is led by Orlando with a 14.1 percentage point increase in growth rate, San Diego (+10.2) and Chicago (+8.0)…