Toronto ranked number one city for high-tech job growth
Toronto may not be the easiest place to find a decent home, but the city is growing — particularly in the tech industry.
A new report puts Toronto at the top for high-tech job growth from 2019 to 2020. Toronto saw a 26 per cent job growth, followed by Seattle (22 per cent), Vancouver (21 per cent), New York (18 per cent) and Austin (16 per cent).
The Tech-30 report from the U.S. commercial real estate and investment firm CBRE explores the tech industry's impact on office space and ranks the 30 leading tech markets in the U.S. and Canada, as well as 10 up-and-coming tech markets.
Canadian markets had a strong showing in the new Tech-30 report ranking, with Toronto topping the list, Vancouver beating out New York for No. 3, and Montreal making big moves to secure the No. 6 spot. Read the report here: https://t.co/ysbmR3FTcs pic.twitter.com/4b9A77d6HQ
— CBRE Canada (@cbreCanada) November 3, 2021
The news comes as many start-ups have announced plans to open offices in Toronto. Most recently, online payment tech company Stripe announced plans to open a Toronto office, joining Google, Amazon, Netflix, Reddit, TikTok, DoorDash, Uber, Pinterest, Wayfair in putting down roots and adding jobs in the city.
Looking to the future, Toronto also ranked amongst resilient cities poised for growth. Charlotte came up on top in this category, followed by Montreal, New York, Phoenix, Pittsburgh, Raleigh-Durham, Seattle, Silicon Valley, Toronto and Vancouver.
CBRE says U.S. high-tech software and services employment grew by 1.5 million jobs between 2010 and February 2020.
And while lockdowns meant an economic downturn, high-tech employment growth resumed, with 219,000 jobs added by June 2021.
As many people were stuck at home, it may come as no surprise that large tech companies benefited from "e-commerce, streaming and cloud services, search and social media."
While Toronto is leading the way in job growth now, CBRE lists Waterloo and Ottawa as cities to watch for future growth.
