Salt Lake City Advances Seven Slots Landing at #15 on CBRE's Annual 'Scoring Tech Talent' Report
CBRE Press Release/ Salt Lake City, UT – July 17, 2019 – Salt Lake City advanced seven slots to land at #15 on CBRE’s annual Scoring Tech Talent Report, which ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent. Salt Lake, which includes the Provo market area, is the highest-ranking small market in the report—areas with a labor pool totaling less than 50,000 workers.
CBRE ranks markets on its Tech Talent Scorecard based on 13 unique metrics, including tech talent supply, concentration, cost, completed tech degrees, industry outlook for job growth, and market outlook for both office- and apartment-rent cost growth. The top 10 cities in this year’s scorecard are all large markets with a tech labor pool of more than 60,000 people each. Salt Lake City’s jump in rankings is a measure of five-year growth and is primarily attributed to the city’s migration numbers and tech-company expansions.
“The state’s tech growth is very visually apparent when one approaches the Point of the Mountain, but this report provides a more detailed look into tech labor across the United States offering some good market comparisons by which the greater Salt Lake City area can truly be measured,” commented Eric Smith, senior vice president. “It provides insight into how our market performs so well by highlighting things like our young, educated workforce which offers a stable labor pipeline; our comparatively low costs of doing business, which makes it a favorable place to relocate or grow a business; and the steady flow of in-migration that has taken place during the recent economic expansion, which fuels further business growth.”
The report, which can be viewed in detail by market in the interactive Tech Talent Analyzer, found that Salt Lake’s talent pool grew by 38.6% in a market where 5% of the total job pool is made up of tech jobs. Salt Lake City also ranked as the fifth-most concentrated 20-somethng market, which has a 22.7% 20-something concentration, and saw an 8.8% increase in millennial population growth between 2012 and 2017.
Salt Lake City also stood out in the report in other key areas:
- Salt Lake City has the fourth-fastest growth rate out of small markets at 38.6% which represents an increase of 13,290 jobs from 2013-2018
- Salt Lake City has the third-largest labor pool out of small markets included on the report, with a job pool of nearly 48,000
- Salt Lake City and Provo have a more balanced tech hiring market compared with the most well-known tech centers (Bay Area, Seattle, Austin, Boston)
“The tech talent labor pool in the U.S. grew by 16 percent in the past five years, compared with 9 percent for the U.S. overall. That type of growth can deplete even the deepest pools of qualified labor,” said Colin Yasukochi, director of research and analysis for CBRE and co-author of the report. “Many of the opportunity markets offer quality labor pools that are untapped and have high growth potential. These markets can be ideal for small-scale operations, start-ups and tech jobs with non-tech employers like banks, media and services firms that comprise nearly two thirds of the tech labor pool.”
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.