Technology Cities to Watch

Posted: Updated:

There is little doubt that technology is a major driver in today’s economy. Some cities are performing very well. In a recent report by Cushman & Wakefield, five key metrics are identified and evaluated to measure what distinguishes a leading technology city.

  • Institutions of Higher Learning – Universities that have strong relationships with the business community can provide internship and work experiences for their students.  Additionally, those with research facilities can attract top talent interested in turning ideas into products or services.
  • Venture Capital – Available money for investment is critical to grow ideas and subsequently companies.    
  • Tech Workers – Having an abundant supply of tech workers is critical to a growing tech city.
  • Knowledge Workers - Available knowledge workers, such as lawyers and accountants, to support the technology industry is a crucial element, as well. 
  • Educated Workers – An overall highly educated workforce, those with a bachelor’s degree of higher, is a supporting player in the growth of a technology city.  31% of the current workforce in the United States has a bachelors or higher.  72.7% of jobs created from 2010-2016 went to bachelor’s degree or higher.
  • Growth Entrepreneurship – The Kauffman Foundation has developed the Growth Entrepreneurship Index to measure this factor. 
    • Rate of Startup Growth measures how many jobs are created by startup companies over the five-year time period.
    • Share of Scale-ups is the number of companies that grew to 50 or more employees over a 10-year period.
    • High-Growth Company Density measures how many businesses have at least $2 million in revenue and have grown an average of 20% over the previous three years.

The cities identified as Technology Cities in the Cushman & Wakefield Report are leaders on the Growth Entrepreneurship Index.  These cities have a growth startup rate average of 4.75; well above the 0.32 United States average as a whole.

Several of the cities on the Cushman & Wakefield Technology Cities report also appear on the Forbes Best Cities for Young Professionals 2017 list, making these cities highly desirable to attract a highly educated workforce that’s entrepreneurial minded, as well as the funding and high-growth companies looking for that same workforce.  Here are a few cities to watch representing different areas of the country.

#1 Salt Lake City

Higher Learning Institutions:  University of Utah, Brigham Young University and Weber State University

Recent grad median salary:  $50,500

Population aged 20 to 29:  13%

Adults with a bachelor’s degree or higher:  33%

#6 Raleigh-Durham

Higher Learning Institutions:  Duke University, North Carolina State University, University of North Carolina and North Carolina Central University.

Recent grad median salary:  $50,100

Population aged 20 to 29:  14%

Adults with a bachelor’s degree or higher:  48%

#7 Indianapolis

Higher Learning Institutions:  Purdue University, DePauw University, Indiana University, Butler University, Ball State University and Wabash College

Recent grad median salary:  $48,900

Population aged 20 to 29:  14%

Adults with a bachelor’s degree or higher:  33%

#9 San Jose

Higher Learning Institutions:  Stanford University, UC Berkley, UC Davis, University of the Pacific, Santa Clara University and University of San Francisco

Recent grad median salary:  $69,200

Population aged 20 to 29:  15%

Adults with a bachelor’s degree or higher:  48%

#15 Austin

Higher Learning Institutions:  Rice University, UT Austin, Trinity University, Texas A&M University and Baylor University

Recent grad median salary:  $51,800

Population aged 20 to 29:  16%

Adults with a bachelor’s degree or higher:  43%

#22 Atlanta

Higher Learning Institutions:  Emory University, Georgia Institute of Technology, Spelman College, Mercer University, University of Georgia, Morehouse College, Oglethorpe University, Berry College and Georgia State University

Recent grad median salary:  $50,900

Population aged 20 to 29:  14%

Adults with a bachelor’s degree or higher:  37%

Forbes’ report states that the best predicators of making the list were the percentage of adults with degrees beyond high school and the median salary earned by recent college graduates.  Examining both lists can help identify cities to watch as in the technology industry in the United States.  These metropolitan areas and others have established significant momentum, but must continue to focus on attracting and retaining the human capital necessary to support the technology businesses.

Larry Gigerich is executive managing director of Ginovus.

  • Perspectives

    • Creating the Work Spaces that Draw Talent to Indianapolis

      The future economy will be driven by data, powered by robotics and heavily invested in the building blocks of nature – biotech and genetic engineering. That’s true of the economy nationwide, and it’s especially true here in Indianapolis, where dominant pharmaceutical and biotech companies are putting us at the cutting edge of the science-based economy. It all sounds larger than life. But the facilities that will house these industries will always be...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Allison and Stanley Chen provided the lead gift for the campaign. (Provided Photo/ISI)

      International School Launches Capital Campaign

      The International School of Indiana has publicly launched a capital campaign to establish a unified campus in Indianapolis. As part of the ONE ISI campaign, the school is looking to raise $6.5 million to build a new school building for pre-elementary and elementary students at the site of its middle and high schools. The public launch follows a 10-month silent phase of the campaign, during which ISI raised $5 million from more than two dozen donors. Currently, ISI's operations are...

    • Amanda Stephenson is the founder and president of Expert RN|MD. (Inside INdiana Business Photo/Mary-Rachel Redman)

      Medical Consulting Firm Opens Downtown Indy HQ

      A medical consulting startup is celebrating the grand opening of its new downtown Indianapolis headquarters. The Indiana Economic Development Corp. says Expert RN|MD, which provides medical consultation services to law firms and life science companies, is investing $1.7 million in the new location and plans to create up to 21 jobs by the end of 2023. The firm was founded in 2018 and recently renovated the 4,000-square-foot space in the downtown's Wholesale District. In an interview...

    • Lt. Governor Suzanne Crouch will be on hand for the announcement.

      Jobs Announcement Set for Indy

      City and state officials will Wednesday make a jobs announcement in downtown Indianapolis. Few details are available, however the Indiana Economic Development Corp. says leaders from an Indianapolis-based startup will be involved.

    • The person selected will fill the vacancy on the ballot left by Mike Pence.

      Vice President Pence to Visit Indy for Free-Trade Discussion

      Vice President Mike Pence will return to Indianapolis on Sept. 26 at an event to discuss the free trade agreement with Canada and Mexico. A panel will discuss the United States-Mexico-Canada Agreement, or USMCA, starting at 12:15 p.m. Sept. 26 at MacAllister Machinery, 6300 Southeastern Ave.

    • Money magazine judges Fishers as 3rd best place to live in the U.S.

      Fishers Makes Top 10 List of 'Best Places to Live'

      Three communities in Indiana made the top 100 list of best places to live in the country, but only one made the top 10. Fishers was judged by Money magazine as the third best place to live in the United States, behind Clarksville, Tennessee and Round Rock, Texas.