Miami is quickly becoming one of the most attractive destinations for technology professionals, thanks in large part to rapid job growth in this sector locally.
According to a recent nationwide report from RentCafe using federal data, the Miami metro area boasted the fifth-fastest rate of tech job growth of all major U.S. cities surveyed. Using the three most recent years for which federal employment data was available (2014-2017), RentCafe concluded that Miami’s IT sector grew more than 20 percent in that time, the equivalent of adding 55,820 jobs. Those tech jobs paid an average of $78,000 per year, a figure which was growing at a 4.6 percent annual rate.
Miami’s rate of tech job growth was higher than that of San Francisco (19.5 percent), where IT jobs account for a much larger portion of the market. It’s also above the epicenter of tech business: the San Jose metro area, which includes most of what is known as Silicon Valley. IT job growth came in at 16.6 percent in San Jose between 2014 and 2017, however, its average annual wage of $126,200 was far above Miami’s.
Miami’s affordability compared to other classic U.S. tech hubs may be a key driver of growth. As of 2019, according to RentCafe, average rent came to $1,660 per month throughout the Miami area. This was considerably more affordable than areas like San Jose, San Francisco and Seattle, but still unmatched by top emerging tech hubs like Charlotte and Madison, Wisconsin.