Friday, July 19, 2019

Philadelphia, Newark Score Well in Creating, Attracting Tech

by John Jordan
While still not cracking the top 10 in the nation, Philadelphia and Newark have improved their respective standing in creating and attracting tech talent.

The annual “Scoring Tech Talent” report ranked Philadelphia number 22 in the US and Canada for technology talent. This year, Philadelphia moved up from number 24 in the rankings last year.
The top five markets for tech talent in 2019 were the San Francisco Bay Area, Seattle, Toronto, Washington, DC and New York, all large markets with a tech labor pool of more than 150,000. Rounding out the top 10 in this category were Austin, TX; Boston; Denver, Atlanta and Raleigh-Durham, NC.

The report notes that among the more notable trends in the technology sector in Philadelphia has been that in the last five years the Philadelphia market produced 7,905 more tech graduates than the market could employ in tech occupations. The region produced more than 4,800 new tech grads in 2017, up 32% in the past five years.
“There is so much well-earned tech buzz in Philadelphia right now and it is no surprise that we are moving up the tech talent rankings. Not only is Philadelphia growing organically, but it’s poised to attract out-of-market companies seeking that combination sweet spot of tech talent and a proper city with renowned culture and accessibility.”

The rent-to-tech wage ratio is relatively low at 17.0%. The average apartment rent for a year in 2019 is $16,438 ($1,370/month), and the average annual tech wage is $96,706. In the most expensive market, New York City, those numbers are $49,445 ($4,120/month) and $113,500, (a rent-to-wage ratio of 43.6 percent) respectively.

Another notable demographic for Philadelphia is that it ranks as the fourth most diverse market for gender diversity in tech occupations with 71.5% male and 28.5% female.
Newark, NJ is also emerging as a technology hub. Total tech occupations grew 9.7% from 2013 to 2018 in the City of Newark.

The report ranks Newark as a top East Coast market with more than 53,000 tech jobs, mostly concentrated in software development, computer programming and database system management.

In the last five years the Newark metro produced 6,153 more tech graduates than the market could employ. The region produced more than 2,750 new tech grads in 2017, up 57.3 percent in the past five years.

“Newark has the ideal combination of a highly educated and talented workforce, and is conveniently located in proximity to Manhattan. As one of the top east coast tech hubs and the largest port on the East Coast, second only to the West Coast’s Port of Los Angeles, Newark’s technology sector is well positioned for growth in both technology and logistics.”

The rent-to-tech wage ratio in Newark is relatively low at 18.6%. The average apartment rent for a year in 2019 is $20,597 ($1,716/month), and the average annual tech wage is $110,772.

The Greater New York area is the most gender diverse market for tech occupations with 71.7% male and 28.3% female.

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