Connect with us

Chart of the Week

Visualizing Job Growth in Top Tech Markets in North America

Published

on

Visualizing Job Growth in Top Tech Markets in North America

Visualizing Job Growth in Top Tech Markets in North America

The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

The tech boom is here, and it’s heating up.

Over the past decade, the tech industry has created more than 1 million jobs across the United States. Between 2010 and 2017, tech-related job growth averaged 6% – more than four times the national average across all industries. Though the figures slowed slightly in 2018, the tech industry still boasts twice the national growth average at approximately 4%.

What’s causing this growth, and where are tech hubs emerging from the woodwork?

Today’s graphic, which uses data from the 2018 Tech-30 report from CBRE Research, offers a job-focused snapshot of the mammoth tech industry.

Which markets are hot or not?

Using job growth measures in various cities over two-year periods, CBRE identifies which cities’ tech markets are on the rise, and which are slowly declining.

Montreal, St. Louis, and Seattle have shown the most momentum over 2016/2017, gaining 23%, 22%, and 8% growth respectively over the previous two-year period. Interestingly, cities like New York, Chicago, and even Silicon Valley have seen a drop in growth over the past two years, while San Francisco and Phoenix are at the bottom of the list with job growth falling by more than 25%. It’s worth noting many of these markets still exceed the 9.2% US average of high-tech job growth, but overall momentum is in decline.

Here’s the full list of cities, along with their comparative data:

CityGrowth (2014-2015)Growth (2016-2017)Difference
Montreal0.1%22.3%+22.2%
St Louis2.1%23.3%+21.2%
Seattle17.5%25.7%+8.2%
San Diego7.9%12.3%+4.4%
Denver10.3%12.5%+2.2%
Los Angeles13.5%14.7%+1.2%
Orange County13.7%14.5%+0.8%
Portland12.3%12.8%+0.5%
Washington DC3.7%3.9%+0.2%
Baltimore4.8%4.2%-0.6%
Atlanta12.3%10.7%-1.6%
Nashville16.0%12.3%-3.7%
Boston11.5%7.7%-3.8%
Raleigh-Durham16.0%10.2%-5.8%
Salt Lake City14.2%8.1%-6.1%
Philadelphia4.1%-2.3%-6.4%
Indianapolis24.8%18.4%-6.4%
Minneapolis St Paul7.8%1.3%-6.5%
Toronto25.8%18.9%-6.9%
Silicon Valley22.7%13.9%-8.8%
Detroit17.2%5.4%-11.8%
Chicago22.1%9.6%-12.5%
New York25.0%12.4%-12.6%
Pittsburgh22.7%8.9%-13.8%
Vancouver17.1%2.7%-14.4%
Dallas Ft Worth18.1%3.4%-14.7%
Austin34.1%17.1%-17.0%
Charlotte32.6%15.4%-17.2%
San Francisco47.3%22.1%-25.2%
Phoenix36.3%10.9%-25.4%

Expanding the tech footprint

As the tech job growth has boomed, so have real estate prices, particularly in prime areas favored by tech startups nationwide. In Seattle alone, the asking price for office rentals has increased by 14% over the last two years.

In response, technology firms have started to diversify their presence across the United States. By expanding their office space away from established headquarters, firms benefit from preferential rental rates and the talent pool that comes with a geographically distributed workforce. Over the past five years alone, the top four tech hubs – San Francisco, Seattle, Boston, and New York City – have exported more than a combined 25 million square feet of office space to other markets.

The silver lining to this tech expansion? If you aspire to a career in technology, you might not have to stray as far as Silicon Valley to get your foot in the door.

Next 10 tech markets to watch

With the tech hubs spreading across North America, a peek at 2018’s high-tech employment figures suggests which cities are on the rise. These are the cities flagged as the next ten tech markets to watch, based on tech industry growth and affordable office rent:

MarketHigh-Tech Services EmploymentAvg. Office Rent ($/sq. ft)
Miami39,309$37.86
Ottawa36,300$31.66
Kansas City34,579$19.50
Tampa29,317$22.52
Norfolk14,315$19.46
Sacramento13,359$22.53
Milwaukee11,831$18.65
Las Vegas11,377$25.08
Colorado Springs8,915$20.97
New Orleans4,350$19.35

Is your city the next Silicon Valley? Only time will tell.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading
Comments

Chart of the Week

The Best and Worst Performing Wealth Markets in the Last 10 Years

This telling chart shows how national wealth markets have changed over the past decade, highlighting the biggest winners and losers.

Published

on

The Best and Worst Performing Wealth Markets

A lot can change in a decade.

Ten years ago, the collapse of Lehman Brothers sent the world’s financial markets into a tailspin, a catalyst for years of economic uncertainty.

At the same time, China’s robust GDP growth was reaching a fever pitch. The country was turning into a wealth creation machine, creating millions of newly-minted millionaires who would end up having a huge impact on wealth markets around the world.

The Ups and Downs of Wealth Markets (2008-2018)

Today’s graphic, using data from the Global Wealth Migration Review, looks at national wealth markets, and how they’ve changed since 2008.

Each wealth market is calculated from the sum of individual assets within the jurisdiction, accounting for the value of cash, property, equity, and business interests owned by people in the country. Just like other kinds of markets, wealth can grow or shrink over time.

Here are a few countries and regions that stand out in the report:

Developing Asian Economies
In terms of sheer wealth growth, nothing comes close to countries like China and India. The size of these markets, combined with rapid economic growth, have resulted in triple-digit gains over the last 10 years.

For the world’s two most populous countries, it’s a trend that is expected to continue into the next decade, despite the fact that many millionaire residents are migrating to different jurisdictions.

Mediterranean Malaise
European nations saw very little growth over the past decade, but the Mediterranean region was particularly hard-hit. In fact, eight of the 20 worst performing wealth markets over the last decade are located along the Mediterranean coast:

Rank (Out of 90)Country% Growth (2008-2018)
89🇬🇷 Greece-37%
87🇨🇾 Cyprus-21%
86🇮🇹 Italy-14%
85🇪🇸 Spain-13%
84🇹🇷 Turkey-11%
82🇪🇬 Egypt-10%
80🇫🇷 France-7%
76🇭🇷 Croatia-6%

European Bright Spots
There were some bright spots in Europe during this same time period. Malta, Ireland, and Monaco all achieved positive wealth growth at rates higher than 30% over the last 10 years.

Australia
While it’s expected to see rapidly-growing economies as prolific producers of wealth, it is much more surprising when mature markets perform so strongly. Singapore and New Zealand fall under that category, as does Australia, which was already a large, mature wealth market.

Australia recently surpassed both Canada and France to become the seventh largest wealth market in the world, and last year alone, over 12,000 millionaires migrated there.

Venezuela
The long-term economic slide of Venezuela has been well documented, and it comes as no surprise that the country saw extreme contraction of wealth over the last decade. Since war-torn countries are not included in the report, Venezuela ranked 90th, which is dead-last on a global basis.

Short Term, Long Term

In 2018, global wealth actually slumped by 5%, dropping from $215 trillion to $204 trillion.

All 90 countries tracked by the report experienced negative growth in wealth, as global stock and property markets dipped. Here’s a look at the wealth markets that were the hardest hit over the past year:

Wealth MarketWealth growth (2017 -2018)
🇻🇪 Venezuela-25%
🇹🇷 Turkey-23%
🇦🇷 Argentina-20%
🇵🇰 Pakistan-15%
🇦🇴 Angola-15%
🇺🇦 Ukraine-13%
🇫🇷 France-12%
🇷🇺 Russia-12%
🇮🇷 Iran-12%
🇶🇦 Qatar-12%

The future outlook is rosier. Global wealth is expected to rise by 43% over the next decade, reaching $291 trillion by 2028. If current trends play out as expected, Vietnam could likely top this list a decade from now with a staggering 200% growth rate.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading

Chart of the Week

Mapping the World’s Busiest Air Routes

Flying can get you almost anywhere, but often people are journeying between two popular destinations. Here we map the busiest air routes globally.

Published

on

Mapping the World’s Busiest Air Routes

Modern air travel gives us almost unlimited possibilities for getting around.

Whether you are acting on your wanderlust to explore new and exotic destinations, hopping to a familiar island for a well-deserved vacation, or jetsetting to London in the comfort of business class, the modern airline industry can get you almost anywhere you need to go.

But while flying allows us to have unique experiences, it’s often the case that we are all coming and going from many of the same popular destinations. As a result, the world’s busiest air routes have hundreds of flights per day connecting important city pairs together.

Ranking City Pairs

Today’s chart pulls data from OAG, which has compiled a detailed report ranking the busiest domestic and international air routes from around the globe.

It’s worth noting that the data is over the period of March 2018 to February 2019, and it excludes carriers that operate fewer than 500 routes per year.

Let’s dive in to see which city pairs have the most air travel between them.

Domestic Routes

Domestic routes are far more popular than international routes globally. According to the report, there are 15 domestic routes that have more operating flights per year than any international route anywhere.

Here’s a look at the top 10 domestic routes:

RankCountryCity PairFlights (Annually)Carriers
#1🇰🇷Jeju ↔️ Seoul79,4607
#2🇦🇺Melbourne ↔️ Sydney54,1024
#3🇮🇳Mumbai ↔️ Delhi45,1886
#4🇧🇷São Paulo ↔️ Rio de Janeiro39,7473
#5🇯🇵Fukuoka ↔️ Toyko39,4064
#6🇻🇳Hanoi ↔️ Ho Chi Minh City39,2913
#7🇯🇵Hokkaido ↔️ Tokyo39,2714
#8🇮🇩Jakarta ↔️ Surabaya City37,7626
#9🇺🇸Los Angeles ↔️ San Francisco35,3655
#10🇸🇦Jeddah ↔️ Riyadh35,1495

The busiest domestic route might be a surprise, unless you are familiar with Asian geography.

With almost 80,000 annual flights, the 300-mile hop between Seoul and Jeju Island in South Korea is the busiest air route in the world by a large margin. Overall, there are seven carriers competing on it each day, with over 200 daily flights available between them.

What makes Jeju so popular?

Known as the “Hawaii of South Korea”, this volcanic island is an extremely popular vacation destination within the country, and it hosts roughly 15 million guests per year.

International Routes

On an international basis, the busiest route has almost 50,000 fewer flights per year than the Jeju-Seoul city pair listed above. Not surprisingly, this route – and many other top international routes – are also located in the Asia Pacific region.

RankCountriesCity PairFlights (Annually)Carriers
#1🇲🇾🇸🇬Kuala Lumpur ↔️ Singapore30,1878
#2🇭🇰🇹🇼Hong Kong ↔️ Taipei28,4475
#3🇮🇩🇸🇬Jakarta ↔️ Singapore27,0467
#4🇭🇰🇨🇳Hong Kong ↔️ Shanghai20,6785
#5🇮🇩🇲🇾Jakarta ↔️ Kuala Lumpur19,7418
#6🇰🇷🇯🇵Seoul ↔️ Osaka19,7118
#7🇺🇸🇨🇦New York (LGA) ↔️ Toronto17,0383
#8🇭🇰🇰🇷Hong Kong ↔️ Seoul15,7709
#9🇹🇭🇸🇬Bangkok ↔️ Singapore14,6985
#10🇦🇪🇰🇼Dubai ↔️ Kuwait14,5814

The short hop between Singapore and Kuala Lumpur takes only one hour, and it connects two major Southeast Asian commercial hubs. The route has 41 flights per day between eight airlines, making it one of the most competitive routes globally.

The busiest international route outside of the Asia Pacific is between Toronto and New York (LaGuardia) with 17,038 annual flights. Interestingly, it only has three competing carriers – the lowest of any of the top 10 routes.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading
Choom Company Spotlight

Subscribe

Join the 100,000+ subscribers who receive our daily email

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Popular