Sunday, March 19, 2017

Pair of recent Tech employment reports tracks Silicon Valley to Seattle migrations

For decades, Silicon Valley has been the epicenter of the tech industry, and  it’s easy to understand why: Silicon Valley hosts many of the world’s most successful tech firms including Apple, eBay, Facebook, Google, Netflix and PayPal. These firms offer employees prestige, high salaries and opportunities to work on cutting-edge projects. In addition, there are thousands of startups in Silicon Valley to attract those who want to build something from the ground up.

Tech salariesBut the recent Hired-State of US Salaries report outlines the rise of new technology and innovation hubs across the US- including Seattle- and the world are challenging the Bay Area’s reign. In fact, after adjusting for cost of living in San Francisco, cities like Austin, Melbourne, Seattle, and Toronto are increasingly attractive spots for tech workers to grow their careers.

And in their Digital Exodus article, Indeed .com uncovers a bit about why experienced tech workers are searching for, and moving to, jobs outside Silicon Valley.  Their recent analysis of Indeed job search data reveals growing numbers of Silicon Valley tech workers between the ages of 31 and 40 are searching for work elsewhere. 

This report also calls out the cost of living as likely a major contributing factor. To take just one measure: according to a real estate brokerage, the median sale price of a home in Silicon Valley is $1,050,000. Sky-high housing costs are driving what is described as a “digital exodus.”
Whether or not the situation is quite that dramatic, Indeed data confirms not only that tech workers are searching for work in other hubs but shows us precisely where they are looking.
Seattle is one of the key engineering hubs to which they are migrating (the Puget Sound Business Journal said of the Hired report that Seattle is the top landing spot for tech transplants from Bay Area, which is hard to see directly from the data in their report, and the Indeed posting puts Seattle at #5 in terms of search location (not actual work migration).
Tech job migration

For Seattle Property Managers and rental property owners, the implications are clear:  a steady stream of tech workers who will be looking for housing here.  The key, however, will be in offering units and amenities that will meet their needs.  We'll be looking that those factors in upcoming posts here, so stay tuned.