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Miami named No. 8 best city for tech startups

by Reiley Bonislawski

NAR-zillow-

A recent study by Sungard Availability Services ranked Miami the No. 8 best city for tech startups in the country.

The study focused on how each city offers the best environment for tech startups. For Miami, the average rate of new entrepreneurs, startup density, percentage of tech occupation, and percentage of advanced degrees landed this city on the top 10 list.

Sungard AS reported Miami is one of the top most thriving local business cultures throughout the entire ranking. Miami’s success was due to the high rate of new entrepreneurs (a growth rate of 52.47 percent in tech), as well as the city’s startup density.

Although Miami holds the top spot in the U.S. for creating new companies, a fairly small percent is shared by tech occupations. Miami holds a 2.60 percent tech occupation average according to Sungard. Unfortunately, Miami also has the lowest rating of job candidates with advanced degrees. Only 8.7 percent of employees have progressed beyond a four-year degree.

The tech economy and housing

Strong tech economies have been connected to strong housing markets in a number of recent studies.

A study from Redfin, which focused on Amazon, Apple, Facebook, and Google within six cities, found that technology companies and their workers have considerable influence over an area’s housing market.

The two metro areas that expressed the impact the most among the study were Denver and Silicon Valley. Denver’s tech workers increased by 9 percent, and home prices then increased by 16.7 percent; meanwhile, Silicon Valley’s housing prices increased by 22.2 percent after a 15 percent increase of tech workers.

On average, Redfin found that for every 1 percent increase in tech workers, home prices increased by 0.49 percent.

 

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