Tech Companies Aren’t Actually Flocking to Austin, Texas

Elon Musk and seemingly half of Silicon Valley are moving to Austin, in case you learn the headlines.

However on the publication Huge Know-how, Alex Kantrowitz affords a distinct interpretation. Using LinkedIn knowledge, he means that the tech migration is headed toward smaller cities like Madison, Richmond and Sacramento, whereas the Texas capital is definitely attracting tech staff at a slower charge than final yr.

The info compares a couple of hundred thousand tech staff who moved between April and October of 2020 with the identical time interval in 2019. It seems the Midwest is dropping these staff at a slower charge this yr (and even gaining a couple of of them). And Seattle is gaining roughly 2.52 tech staff for each one it loses.

In the meantime, Austin is gaining staff, however at a charge that’s over 10% off of final yr. And Miami, one other supposed new tech hotspot, solely noticed a 3% achieve.

In the meantime, New York and San Francisco are the one two cities that had been beforehand seeing beneficial properties that are actually seeing their tech expertise migrate. That stated, don’t count on all of those developments to final past the pandemic.

“We consider numerous these strikes are possible short-term,” LinkedIn chief economist Karin Kimbrough informed Huge Know-how. “We count on to see tech expertise returning to legacy tech hubs just like the Bay Space when places of work reopen.”

Subscribe here for our free day by day publication.

Source link