Pittsburgh Lands at #30 on CBRE's Annual 'Scoring Tech Talent' Report

17 Jul 2020

2020 Tech Talent

Pittsburgh ranks #30 on CBRE’s Tech Talent Scorecard, part of its annual Scoring Tech Talent Report, which ranks 50 North American markets according to their ability to attract and grow tech talent. Pittsburgh’s ranking increased one spot this year from 31st last year. 

Tech labor concentration – or the percentage of total employment – is an influential factor in how “tech-centric” the market is and its growth potential. Pittsburgh’s tech-talent labor pool is comprised of 44,430 workers, which amounts to 3.9 percent of the overall workforce. The national average is 3.7 percent.

The top five markets for tech talent in 2020 were the San Francisco Bay Area, Washington DC, Seattle, Toronto, and New York, all large markets with a tech labor pool of more than 100,000. For markets with a labor pool of less than 50,000, Pittsburgh ranks third in the nation among smaller markets.  

“Pittsburgh continues to be in the same conversation as the top gateway markets relative to tech talent. Over the last few years, Pittsburgh has become the second headquarters for several companies with locations already established in the top five markets. Our desirable urban neighborhoods paired with our world class universities make us the perfect city for a flourishing tech industry,” said Jeffrey Ackerman, Managing Director, CBRE. 

The report outlines how tech-talent jobs are positioned to weather COVID-19 and related shutdowns and the ensuing recession because, more than ever, companies across all industries need the technical skills that this talent base offers. Many tech products and services such as streaming, remote communications and social media now are in higher demand to support remote work and social distancing. Tech employment has shown it can withstand economic shocks: In the 2008-2010 recession, tech-talent employment declined by 0.5 percent while overall U.S. employment registered a 5.5 percent drop.

CBRE’s Tech Talent Scorecard is determined based on 13 unique metrics, including tech talent supply, growth, concentration, cost, completed tech degrees, industry outlook for job growth, and market outlook for both office and apartment rent cost growth.

“We expect that most tech-talent markets and professions will thrive after the pandemic subsides, and many that facilitate remote work and tech services such as e-commerce, social media and streaming services may have even greater growth opportunities accelerated by the COVID-19 disruption,” said Colin Yasukochi, Executive Director of CBRE’s Tech Insights Center. “Markets that have strong innovation infrastructure – leading universities and high concentrations of tech jobs – will lead the next growth cycle.”

Pittsburgh stood out in the report in a number of other key areas:

• Pittsburgh ranks as one of the top markets in the country when it comes to tech talent quality and cost. The average one-year cost for operating a 500-employee tech company occupying 75,000 sq. ft. amounts to $37.0 million. That ranks the 44th cheapest among the top 50 tech-talent markets.
• Pittsburgh offers relatively affordable living for tech-talent workers, with the average annual apartment rent amounting to 17.8 percent of the average tech-talent wage. That ranks 20th among the 50 largest tech-talent markets.
• Pittsburgh churns out a lot of tech graduates. In 2018, Pittsburgh had 5,258 tech-degree completions, an increase of 28.9 percent from 2014 to 2018. In fact, Pittsburgh produced 15,000 more tech graduates (22,293) from 2015 to 2019 than new tech jobs (6,850). 

View the full report here. To view individual market statistics and rankings, including rankings on the Scorecard, access CBRE’s Tech Talent Analyzer.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.