Salt Lake City continues to grow in the tech industry according to CBRE’s annual “Scoring Tech Talent” report. Salt Lake City ranked 22nd of the top 50 cities in the U.S. and Canadian markets for growing tech talent. One area Salt Lake City stands out in the report is due to the number of millennials in this area: 21% of the population verses the national average of 13.9%. Their addition to the labor pool supplies a great demand for tech jobs in the area. The number of tech graduates far outnumbers the number of tech jobs created each year; this creates a difference, a brain drain, of 12,290.
‘“This mismatch in the high number of local tech graduates to fewer tech job openings really represents more of an opportunity than anything else. It tells tech employers looking to grow that even though Salt Lake has a low unemployment rate, there’s substantial local recruiting potential for new, quality talent—something they’d have to fight for (or bring in) in high target markets like San Francisco or Seattle,” stated Joseph Farrell, a Research Analyst and Team Lead in CBRE’s Salt Lake City office.”’ -UB
‘“The highly competitive and supply-constrained market for tech talent, along with advanced communications infrastructure, has accelerated the expansion of tech talent pools into smaller markets like Salt Lake City and Provo. These previously under-supplied regions are gaining demand for tech talent from both start-ups and established companies,” said Colin Yasukochi, Director of Research and Analysis for CBRE in the San Francisco Bay Area, and the report author. “Accordingly, demand for commercial real estate to accommodate this growing workforce is on the rise.”’ -UB
According to the report, a typical 500-person tech company, using 75,000 sq. ft. of office space, can expect annual operating costs to range from $27 million in Montreal up to $59 million in the San Francisco Bay area. Salt Lake City ranked 8th among the 10 lowest cost markets to start a tech business, 4th when comparing those cities located within the US. This gives us an advantage over other markets when companies are looking to relocate or open new companies in a cost-efficient area.
“A highly educated—and particularly young—labor pool, combined with one of the lowest-cost areas to perform business, has always been a strength of the market and has benefited our local economy for many years.” stated Lloyd Allen, Managing Director of CBRE’s Salt Lake City office.
Utah Business. July 30, 2018. “Salt Lake City Lands a Top 25 Spot on CBRE’s Annual “Scoring Tech Talent” Report.” [Press Release] https://utahbusiness.com/salt-lake-city-lands-a-top-25-spot-on-cbres-annual-scoring-tech-talent-report/
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