Seattle has ranked fourth in North America for high-tech software job growth.
According to the 2020 CBRE North America Tech-30 report, Seattle ranks as one of the top 5 tech markets in the US and Canada, with a rate of 21.9% in the current period.
The city also ranked third in office market rent growth, coming in at 11.8% behind New York and Charlotte.
Vancouver, San Francisco, and Austin took top spots, while New York followed in sixth place with a growth rate of 18.4%, up six percent from the growth between the previous period of 2016 to 2017.
The ranking behind each market in the report was generated using employment data from year-end 2019, and hence, does not reflect the impact of the coronavirus pandemic.
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However, the high-tech industry’s adaptability and resilience are captured on the US national data reported through August 2020.
As businesses transition to remote work and digital operations, companies serving the most heavily impacted retail, leisure, and hospitality industries have deferred expansion plans to reduce headcount and conserve capital.
The CBRE predicts that the high-tech industry will continue to outperform the economy in terms of job growth as technology accelerates the expansion of the digital economy. Recent outperformance on NASDAQ projects that tremendous upsides exist for future earnings in tech companies. Key indicators to watch include the CAPE ratio and financial market trends in venture capital funding.
Along with new startups and company formations, the tech industry’s ability to create commercially viable products and services will likely be a critical contributor to reshaping the economy.