Provo, Utah, Boasts Nation’s Fastest Growing Tech Employment

Silicon Valley employs a higher percentage of tech workers than any other U.S. city, but the tech industry in Provo, Utah, is growing faster than anywhere else, according to a recent Cushman & Wakefield report.
The small city, home to Brigham Young University and less than a hour from Salt Lake City, is part of an area becoming known as "Silicon Slopes." The number of people working in Provo's tech industry increased nearly 65 percent from 2010 to 2017, far surpassing the national average of around 16 percent. Tech accounts for 10 percent of Provo's total employment.
"Although we expect established markets like Silicon Valley to see continued investment, new tech hubs are emerging all across North America, from Provo to Philadelphia, sustaining a period of tech-driven, economic growth unseen since the dot-com boom of the late 1990s," Cushman & Wakefield's Principal Economist Ken McCarthy said in a press release.
Provo is home to the cloud company Qualtrics, which focuses on experience management and is a tech "unicorn," with a value exceeding $1 billion. Other well-known companies in Provo include smart home technology service provider Vivint and SimpleCitizen, a company that compares itself to TurboTax but for immigration.
With a population of around 117,000, Provo was the smallest city to make Cushman & Wakefield's list of the top 25 tech-centric cities in North America. The list was based on cities' technology workforce (including the number of tech workers), the cities' venture capital funding and population demographics that help drive the industry, such as the percentage of millennials.
The list was further broken down into cities where the tech industry is considered to be "critical," a "key driver" or "important."
These cities join Provo in the list of areas where tech is "critical":
CityTech Share of Total Employment 2018Venture Capital Spending, Millions
Salt Lake City8.2%$294
San Diego8.4%$2,225.5
San Francisco12.3%$33,885.3
Silicon Valley27.5%$8,999.6
Washington, D.C.10%$1,092.5

(Venture Capital Spending is based on Quarter 3 of 2017 through Quarter 2 of 2018.)
The analysis also points to some statistics that reveal just how important tech is to the national economy and job market. Tech companies have comprised 42 percent of the square footage in the top 100 leases in the U.S. since 2017, the report says, and the industry has added more than 1 million jobs from the first quarter of 2010 to the second quarter of 2018.
Though they didn't place in the top 25, the authors also note that Detroit, Pittsburgh, Phoenix, Houston and Tampa, Florida, have made major progress in recent years and have the potential to experience more tech growth.
According to the report, Tampa's biotech sector has been expanding, while Houston is becoming a hot spot for alternative energy startups.
Powered by Blogger.