These Cities May Be The Next Silicon Valley

Posted: Mar 9 2017, 10:02am CST | by , in News | Technology News

 

These Cities May Be the Next Silicon Valley
photo: wikipedia
 

The West Coast isn't the only place where tech is booming. Check out these cities that just may be the next Silicon Valley.

You may not need to move to Silicon Valley to be at the epicenter of the next explosion of tech innovation. Several other U.S. cities may be the place to go if you’re looking to ride the next technology wave.

A rising cost of living and over-saturation of the tech field may be driving some companies and tech workers to look beyond Silicon Valley. In Google’s home of Mountain View, office space costs over two and half times the national average, around $97 per square foot compared to just under $35 around the nation. 

The upfront cost of buying commercial space is even higher than leasing at almost $400 per square foot compared to the state average of around $226.

The cities poised to take over Silicon Valley’s spot look a lot like the California tech hub did before its tech and real estate boom. They have relatively low rent, low unemployment, higher tech salaries than other local jobs, large tech companies and ample venture capital fund availability.

Seattle, Washington

Seattle has Microsoft and Amazon, which already put it way ahead of the pack. The two giants already there mean tech jobs and lots of tech talent that may start new companies. There’s also a high availability of venture capital funding. Various startups, like SEO tracking software company Moz, have successfully begun in Seattle.

While real estate prices in the area are rising, higher-than-average salaries balance this out, making the Seattle still quite affordable. The city also has an attractive culture, nearby beautiful natural landscapes and lots of opportunities for career advancement.

Austin, Texas

Austin is home to Dell and lots of venture capital funding. The city has 17 businesses on the Inc 5000 list of the country’s fastest growing companies and is expected to add 9,000 new technology jobs in 2017.

Austin is also quite affordable and features plenty of real estate investment opportunities. The city has an exciting cultural scene, with lots of restaurants, music and events.

Wasatch Front Region, Utah

The Wasatch Front area in Utah, which includes Provo, Salt Lake City and Ogden, may very well turn out to be a new technology frontier. The area has an impressive research institution, Brigham Young University and a collection of venture-funded companies valued at a total of around $2 billion. Large companies including eBay and Adobe have also set up offices here.

The region is attractive because of its affordability, culture and outdoor recreational opportunities.

Chicago, Illinois

Chicago is ranked second, behind only Silicon Valley, for tech job growth. There are a plethora of booming businesses located in the area, including CareerBuilder, Groupon and Redbox, as well 29 companies on the Inc. 5000 list and abundant venture capital funding.

The city is relatively affordable, especially for tech workers whose median salaries in the city exceed the rest of the workforce’s by 67%. Real estate prices are reasonably low and investment opportunities are high. The city is also growing, experiencing population growth last year for the first time in a while.

Although Silicon Valley still leads the country in tech jobs and innovation, a number of other cities are beginning to gain ground. You may not need to spend the money required to live in California’s famous tech hub if you want to get in on the tech revolution. 

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The Author

<a href="/latest_stories/all/all/56" rel="author">Scott Huntington</a>
Scott Huntington is a writer and journalist from Harrisburg PA who covered movies, tech, cars, and more. Check out his blog Off The Throttle or follow him on Twitter @SMHuntington.

 

 

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