Newark Scores High on CBRE’s Tech Talent Report
This story is re-posted here with permission from our friends at ROI-NJ. The original story can be found here.
Want more evidence that Newark is becoming a major player on the tech scene? Look no further than CBRE’s annual Scoring Tech Talent Report, which ranks the New Jersey city in the Top 30 on the continent for attracting and growing technology talent.
The report said Newark’s total tech occupations grew 9.7% from 2013 to 2018, bringing it to more than 53,000 tech jobs — most in software development, computer programming and database system management.
CBRE ranked the Top 50 areas in North America, and Newark finished 28th.
The Top 5 were:
- San Francisco Bay Area;
- Washington, D.C.;
- New York.
CBRE used 13 different metrics to rank the regions, including talent supply, gender diversity, growth, outlook and more.
The firm said Newark’s highlights included having a relatively low rent-to-tech wage ratio, with an average apartment rent of $20,597 a year ($1,716 a month) and average wage of $110,772 a year. That meant a ratio of 18.6%. By way of comparison, Manhattan’s ratio is 43.6%.
The city also produces more tech graduates than the market can employ, CBRE said, and is part of a Greater New York area with a strong gender diversity rate — for the tech sector — of 71.7% male to 28.3% female.
“Newark has the ideal combination of a highly educated and talented workforce, and is conveniently located in proximity to Manhattan,” Dudley Ryan, senior vice president, said in a prepared statement. “As one of the top East Coast tech hubs and the largest port on the East Coast, second only to the West Coast’s Port of Los Angeles, Newark’s technology sector is well-positioned for growth in both technology and logistics.”
For the full report, click here.