BOSTON – Boston ranks number 7 on CBRE’s Tech Talent Scorecard, which is part of the annual Scoring Tech Talent Report, which evaluates 50 US and Canadian markets for their ability to attract and develop technical talent.
The concentration of the technical workforce – or the percentage of total employment – is an influential factor in the “technology-oriented” orientation of the market and its growth potential. Boston has a technical talent pool of 160,070, 5.8 percent of its total employment, compared to the national average of 3.7 percent.
Additionally, Boston was ranked # 4 in the metropolitan area with the highest number of tech graduates, just behind New York, Washington, DC and Los Angeles. The market is an incubator for tech talent, with annual tech graduates increasing 61.0 percent between 2012 and 2017. Over the past five years, Greater Boston has produced nearly 34,000 more tech graduates than the market could possibly employ into a brain drain market.
The Tech Talent Scorecard is based on 13 unique metrics including supply, growth, concentration, cost, tech degrees completed, industry outlook for employment growth, and market outlook for office and home rental growth.
Boston stood out in the report in a number of other key areas:
• Boston ranks number 3 for the highest concentration of 20 people as part of the urban population. Boston’s 20-person population is 24.1 percent compared to the US average of 13.8 percent.
• The Boston talent pool is more than just the high-tech workforce featured in the report. It is also rich in biotechnology and e-commerce which are expanding and forming their own clusters.
• Boston ranks 5th for gender diversity in technical occupations.
“Boston continues to rank in the top 10 tech talent markets in the US and Canada, and has a positive impact on commercial real estate growth across the city,” said Adam Brinch, executive vice president of CBRE in Boston.
Top 10 Tech Talent Markets:
RANK (2019) MARKET POINT
1 SF Bay Area, CA 84.79
2 Seattle, WA 73.82
3 Toronto, ON 69.88
4 Washington, DC 69.83
5 New York, NY 65.12
6 Austin, TX 62.10
7 Boston, MA 60.26
8 Denver, CO 59.43
9 Atlanta, GA 0858
10 Raleigh-Durham, NC 57.68
CBRE’s interactive Tech Talent Analyzer found the San Francisco Bay Area, Seattle, Denver and Austin to be the most competitive markets for tech talent recruiting based on job supply / demand, labor costs and talent quality.
“It’s no surprise that Boston ranks 7th on the CBRE Tech Talent report,” said Kevin Kennedy, senior vice president at CBRE in Boston. “The combination of Boston’s tech graduates, millennial population, and diverse tech market all contribute to Boston’s strong ranking.”