Toronto overtakes Washington DC as the 3rd city of tech talent in North America
With Toronto’s technology market having created more than 80,000 jobs over the past five years, it has surpassed Washington DC to become the third-largest talent city in North America, according to a new report.
CBRE’s annual Scoring Tech Talent report, released Tuesday, says Toronto has climbed one spot to become the third-ranked technology talent marketplace in 50 US and Canadian cities, behind the San Francisco Bay Area and Seattle. Ratings are based on 13 metrics, including technology talent, growth, concentration, industry outlook for technology employment growth, and market outlook for growth in rental costs. offices and apartments.
“Toronto, San Francisco and Seattle are easily mentioned in the same sentence and attract the best in the industry,” said Paul Morassutti, vice president of CBRE Canada, in a statement.
“Technology experts are driving innovation and adapting technology in non-traditional industries to increase productivity and strengthen the Canadian economy.”
According to the report, 228,500 people worked in Toronto’s technology sector in 2018 for an average salary of $ 81,828. Over the past five years, the city has created more than 80,000 technology jobs, a 54% increase that makes Toronto the fastest growing market among the 50 cities analyzed by CBRE.
Despite Toronto’s concerns about a brain drain – to the extent that the city’s greatest techies are fleeing the country to work elsewhere, mostly for US-based businesses – the report says the city is experiencing opposite.
“Toronto and the San Francisco Bay Area stand out as creators of talented technology jobs, each adding at least 54,000 more tech talent jobs than graduates,” the report says.
Toronto was not the only Canadian city on the CBRE list in 2019.
Vancouver climbed 10 places year-on-year to 12th place with 74,700 employees in the technology sector. Montreal ranked 13th and Ottawa 19th.
The report also reported that Hamilton, Ontario. and Waterloo, Ont. emerging technology markets, with respective growth of 52% and 40% over the last five years.
