According to a new study by real estate firm CBRE, Seattle is now the second strongest tech market in the United States and Canada. The report compared 13 different metrics and ranked the top 50 markets. The research included things like the number of tech employees, business costs, housing, wages, population trends, education levels, and housing. "Seattle led the way in terms of the highest percentage of people with a college degree -- 63 percent -- as well as the greatest population growth of 20-somethings since 2011, at close to 23 percent" states GeekWire's coverage of the report.
Seattle's second place was only after the San Francisco market and was placed before New York, Washington D.C., and Toronto in the top five. Not surprisingly, much of Seattle's talent is coming from elsewhere as the number of new jobs outpaces graduates from our local universities. Our city ranked fourth in "Brain Gain," meaning that we draw in more talent than we lose; however, we ranked 20th in the number of tech degrees obtained. Geekwire writes, "As of last year, the Seattle tech market employed 145,140 people, a 19 percent increase over the last six years. These workers brought home a robust $117,259 on average, second to only San Francisco on among tech wages."
Another large factor in Seattle's ranking is our housing market. Despite being the hottest housing market in the nation, Seattlites spend a lower percentage of their income on rent than other top markets. According to the study, "Seattle tech workers spend 17.5 percent of their salaries on rent versus 43 percent for New Yorkers, 28 percent for San Francisco residents and 19 percent in D.C."
Read more about CBRE's report here: ‘Brain gain’ helps Seattle land title of second best North American tech market