Vancouver #1 in North America for high-tech job growth

Vancouver has ranked as the top spot in North America for high-tech job growth.

According to the 2020 CBRE North America Tech-30 report, Vancouver is the #1 tech market in the U.S. and Canada with a growth rate of 29.2% for 2018 and 2019.

Vancouver was followed by San Francisco (27%), Austin (23%), Seattle (22%) and New York (18%). 

In 2018 and 2019 Vancouver added 14,200 new high-tech jobs, for a total of 62,800 jobs in 2019, accounting for 68.6% of new office jobs in the city.

Vancouver was one of only three Canadian cities on this year’s list. Toronto came in at #6 with a growth rate of 17.1% and Montreal ranked #29 with a -3% growth rate.

High-Tech Software/Services Job Growth

1. Vancouver +29.2% 16. St. Louis +9.7%
2. San Francisco +26.9% 17. Indianapolis +9.2%
3. Austin +22.9% 18. Orange County +7.7%
4. Seattle +21.9% 19. Portland +7.7%
5. New York +18.4% 20. Raleigh-Durham +7.1%
6. Toronto +17.1% 21. Washington, DC +5.8%
7. Dallas/Ft. Worth +16.4% 22. Silicon Valley +5.2%
8. San Diego +15.4% 23. Pittsburgh +4.7%
9. Los Angeles +14.5% 24. Phoenix +4.6%
10. Denver +13.5% 25. Chicago +4.1%
11. Baltimore +11.6% 26. Philadelphia +2.8%
12. Atlanta +11.4% 27. Minneapolis -1.5%
13. Nashville +11.2% 28. Detroit -2.0%
14. Boston +10.2% 29. Montreal -3.0%
15. Salt Lake City +10.0% 30. Charlotte  -10.9%

 

The ranking was generated using employment data from 2019 and, therefore, does not reflect the impact of the COVID-19 pandemic on the number of jobs.

However, the report notes that the tech industry has not only proved resilient in the face of the pandemic, but has helped other businesses stay afloat.

“The tech industry was indispensable in enabling continued business activity during the COVID-19 pandemic shutdown as businesses quickly transitioned to more digital operations.”

Some of the tech sectors that rose to importance during the pandemic are e-commerce and logistics, streaming and cloud services, search and social media, devices and communications, and data and cybersecurity.

The report predicts that tech companies facilitating business productivity and supporting critical infrastructure for daily life will continue to thrive.

“Recent performance of the tech-heavy Nasdaq Index indicates that future earnings potential has tremendous upside. The Nasdaq, which is strongly correlated to high-tech job growth and provides a one-year leading indicator, is about 15% higher than its pre-pandemic peak in February 2020.”

Vancouver was #3 on CBRE’s list of the seven most resilient tech markets best poised for future growth.

The list includes:

  1. Silicon Valley
  2. Washington, D.C.
  3. Vancouver
  4. Atlanta
  5. Dallas/Ft. Worth
  6. Raleigh/Durham
  7. San Diego

The best-performing large-cap tech companies have a major presence in these markets, which offer the best combination of moderate office rents and a growing high-tech labour pool, the report says. These markets are expected to thrive once economic conditions improve.

Read the full report on CBRE’s website.

University Canada West (UCW) is an innovative business and technology-focused institution in Vancouver, British Columbia, Canada. UCW collaborates with digital leaders such as the Digital Marketing Institute, Salesforce (Trailhead), Tableau and IBM to add relevant digital components to our courses. This aligns with our digital vision and keeps our students up to date with upcoming technological trends.

 

Published on Dec. 1, 2020.