Nashville's five-year tech job growth is biggest in the nation, CBRE study finds

Cities across the country are jockeying to entice tech companies and bolster that kind of education at their schools and universities, seeing those jobs as a way to future-proof their economies. The race is on in Nashville, as the region gears up for office hubs from Amazon.com Inc. and Oracle Corp. and as the Greater Nashville Technology Council pursues a goal of doubling the region's tech workforce by 2025. CBRE ranks 50 metro areas in North America in its "Scoring Tech Talent" report (Click link), using 13 factors to gauge each area's ability to attract and develop tech talent across 20 types of professions within that industry. Here are the Nashville metro area highlights:

> Nashville has 35,190 tech workers — a leap of 36.1% from the tally in 2015. That is the largest percent change of any U.S. market in that time. It's a gain of 9,330 workers, and the pace is accelerating: Two-thirds of those jobs appeared within the last two years. 

> Nashville posted the 10th largest "brain gain," which CBRE defined as the difference between tech jobs added and tech degrees awarded from a region's universities. Over a five-year span, there were 5,007 more new tech jobs than new tech graduates, who often migrate to other cities following college. 

> Average annual tech wages rose 10% in the last five years, topping $84,000. That's 70% more than the average wage of a non-tech job. Nashville posted the biggest percent growth in millennials (ages 23 to 38) among small tech markets over a five-year span. Nashville achieved the same feat in CBRE's previous study.

Comments

Post a Comment

Popular posts from this blog

Be the Landlord

Image
  Participate in RE Beyond Ownership of your Primary Home Have you considered investing in rental property? It may not be as big a leap as you imagine. The moderation of the residential real estate market could create opportunities for you to participate beyond ownership of your primary home. Recounted in the WSJ article linked below, home purchases by investors large and small climbed to record levels during the pandemic, reaching a high of 28% of all single-family home sales in February of 2022, up from 17% during the same month in 2019 (housing data firm CoreLogic).   Assess the Housing Market   The first step would be to assess the long-term direction of the housing market. As I wrote last week, residential real estate trends are best viewed from both national and location-specific perspectives. On a nationwide basis, there is a well-documented home inventory shortage. Match this with demographic pressures, the  catch-up growth in Millennial purchases will drive ...
Read more

Making an All-Cash Offer - Wouldn't It be Great to be in the Driver's Seat

Image
Have you competed unsuccessfully against an all-cash offer? Still waiting for your sudden "wealth event" like money from IPO, sale of your company or cryptocurrency windfall? This CNN article gives insight into the extra $$$ required to competitively sweeten the deal and overcome the appeal of all cash and short close. Look into how you too may also go the route of an all-cash offer, without actual cash. Click CNN all-cash-home-buyers
Read more

Realtor.com - Financial Outlook for Residential Real Estate Markets

Image
Middle TN Inventory Remains Tight Available Inventory vs Sold 2018 - 2022 With all eyes focused on the rise of interest rates to slow the rate of inflation, how does this affect the residential real estate market and specifically the local Middle TN environment? Last week I pointed to the downturn in home sales and a rise in active inventory. Yet from a historical perspective we are experiencing an ongoing shortage of available properties. There remains a big gap between the small number of homes available for sale and the overwhelming number of buyers looking to make a purchase. Sellers' perspective: Price appreciation is decelerating.  It continues to appreciate, but at a slower pace. “We do still expect home prices to cool, but we’re starting at a higher price point,” says Realtor.com Chief Economist Danielle Hale. Buyers' perspective: More homes to choose from in our local market.  Up 21.7% from prior month, and 18.2% over same time last year.  But keep in mind, Middl...
Read more