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Vancouver #1 In North America For Tech Talent Employment Growth In Past 5 Years, Growing An Impressive 63%
Monday, July 18, 2022
Vancouver, BC, July 18, 2022--(T-Net)--CBRE Research today released the 2022 edition of their Scoring Tech Talent report, citing significant growth of 63% in Vancouver's tech employment talent between 2016 and 2021, the highest of all 50 ranked markets.
CBRE analyzed 50 of the largest markets by number of tech talent professionals in Canada and the U.S., creating a scorecard ranking them comparatively.
The scorecard uses 13 metrics to measure each market's depth, vitality and attractiveness to companies seeking tech talent and to tech workers seeking employment. Each metric is weighted by its relative importance to job creation and innovation.
CBRE reported that the top five markets were unchanged from last year: San Francisco Bay Area, Seattle, Toronto, Washington, D.C. and New York, with Toronto moving up one spot to #3. Vancouver climbed 3 spots in the results, ranking #8 overall.
Click here to read the full report.
In terms of employment numbers, Toronto had the most tech talent growth in the period with 88,900+ jobs, followed by Seattle with 45,560+ and Vancouver with 44,460+ tech jobs.
The report noted that as companies across all industries expand their technology services, there is high demand for tech talent in both large and small markets. Tech talent concentration metrics have the highest weights because they signify clustering of tech workers. Additionally, labour costs for tech talent are weighted more heavily than office rents because companies allocate more capital to labour than to real estate.
Of particular note in the report was the comparatively high growth rate of tech talent employment in Canada, where Vancouver's top ranking of 63% was followed by Toronto with 44% and Quebec City with 43% growth. In the U.S., California's Inland Empire, Seattle, and Nashville grew the fastest on a percentage basis.
About CBRE Research
CBRE Research delivers authoritative global thought leadership and deep local market intelligence to clients and colleagues around the world.
Powered by the industry's leading data and analytics platform and the forecasting strength of CBRE Econometric Advisors, our 500 researchers deploy expertise across property types, industries and economies to deliver results for investors and occupiers.
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