The San Francisco Bay Area and the broader Silicon Valley region surrounding it are, in the minds of many, synonymous with tech jobs and development. However, that may no longer quite be the case, according to a recent report.
Real estate services and research firm CBRE found that Toronto vastly outpaced the Bay Area by rate of job growth in 2017. In fact, the developing Canadian tech hub created more jobs last year than the Bay, Washington, D.C. and Seattle combined, with 28,900 new IT positions created. This constitutes a 14 per cent gain between 2016 and 2017. Toronto has also experienced a 52 per cent uptick in tech employment over the course of the past five years.
In an interview with Bloomberg, CBRE Executive Managing Director Paul Morassutti commented on the various factors driving tech firms to invest in Canada.
“The forces that are driving innovation and technology are really in the early stages here,” Morassutti said to the news provider. “When it comes to overall costs, even if you assume upward pressure on office rents, housing and salaries, our major markets still constitute a significant bargain to the U.S.”
It’s worth noting that in terms of overall tech sector employment, the Bay Area, Washington and New York City still outrank Toronto – particularly the Bay Area, which has 329,150 IT workers compared to Toronto’s 241,400. But based on the sheer pace at which Toronto’s tech market is expanding, the city might not be far behind its American counterparts for much longer.