Technology is exploding in every area of our lives, and there is a great demand for technology hubs as they're breaking out across the US. The internet has evolved into the "Internet of Things" (IoT) placing huge demand and growth within this new market.
Silicon Valley has expanded rapidly over the years; however, there is talk over which city will become the next big technology hub. Today, we will be talking about the top seven cities competing to become the latest tech hotspot. Let's get started!
Top Cities Criteria to be Considered
When we look into the reasons that these technology hubs are competing with each other, it has to deal with specific metric economic factors. These metric factors include educational background, knowledge in the industry, percentage of tech workers, index of growth for entrepreneurship, and venture capital activity per metro area.
Top Cities by Education
Education plays a major role in each city by the number of bachelor's degrees workers hold. The rankings go in the order from the first being around 50% to around 42% at the bottom of the list.
These seven cities include San Francisco/San Mateo, CA; Washington, DC; Denver/Boulder, CO; Raleigh/Dunham/Chapel, NC; Boston/Cambridge, MA; Oakland/East Bay, CA; Austin, TX.
Top Cities by Knowledge in Occupation
This category is based upon those working in a specific field in tech from the programmers to management; engineers, architects, social sciences and even the education sector relating to tech. This sector also includes a subset based on the tech industry. These workers are more focused on software, telecom, and subsidiary fields of the tech industry such as science and medical devices.
The list from first to last includes San Francisco/San Mateo, CA; Raleigh/Dunham/Chapel, NC; Boston/Cambridge, MA; Washington, DC; Austin, TX; Seattle, WA; Oakland/East Bay, CA.
Top Cities by Number Index Growth Entrepreneurship
Research provided by the Kauffman Foundation shows metric growth entrepreneurship was made up of large scale startups and high-growth companies. According to one San Antonio moving company a number of individuals have informed them that a large base of their new business is coming from Austin, and thus the migration there.
Starting at the top of the list to the bottom we have Washington, DC; Austin, TX; Nashville, TN; Boston/Cambridge, MA; San Diego, CA; San Francisco, CA; Dallas, TX.
Top by Venture Capital Activity
According to the National Venture Capital Association, Pitchbook data tracked the top cities for industry growth within the tech sector. This indicator is one of the best gauges to see where the money is flowing to in terms of high-tech business.
San Francisco tops the charts here with $16.9 billion followed by New York City at second with $9.1 billion. Coming in third was Boston with $6 billion and at fourth was Los Angeles with $3.5 billion. In fifth place was Seattle with $1.5 billion; Chicago in sixth at $1.25 billion; seventh being Washington D.C. at $1.1 billion.
The Top Seven Cities Based Upon the Above Criteria
Based upon the above metrics along with the Cushman and Wakefield report we can see the best cities after Silicon Valley are:
- San Francisco/San Mateo, CA
- Washington, D.C.
- Boston/Cambridge, MA
- Raleigh/Dunham/Chapel, NC
- Seattle, WA
- Austin, TX
- Denver/Boulder, CO
Final Thoughts
Technology is a big part of the world's future. Systems are integrating together, and technology is the reason behind this phenomenon. Each of these cities is aware of the massive growth in their revenue because of the tech sector playing a role in this.
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