Tech's New Hotbeds
A recent article highlighted the latest (and newest) hotbeds of tech grow in the United States. Joel Kotkin’s article originally featured in Forbes magazine and showcases analysis from the Brookings Institute and others. The article highlights that while the primacy of Silicon Valley, San Francisco and Seattle (in terms of tech jobs) is secure, higher growth is starting to occur in other areas, such as other less well-known tech hubs like Charlotte (NC), Grand Rapids (MI), Salt Lake City (UT), Tampa (FL), Raleigh (NC), etc.
The article highlights the high cost of housing in Silicon Valley and San Francisco has started to place a drag on local businesses. The main issue at stake is the recruitment of new talent and the current inability of these younger workers to find affordable housing in these areas. The new tech hubs all feature affordable housing as well as high quality of life that caters to this younger workforce. These regions feature a range of high quality restaurants and bars, multiple recreational opportunities (indoor and outdoor) as well as a local culture that appeals to these workers and that they find very comfortable and inviting.
While the article features on the United States, it provides insights into the high-tech sector and what is required to recruit and support it. As housing prices in Melbourne and Sydney have started to decline recently, they are still relatively unaffordable for new workers.
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For a copy of the Joel Kotkin's article, click here.