Unemployment rates may be at an all-time low, but New York continues to be a hotspot for companies looking to grow.
A new report from CBRE ranks the city as the fifth-best market for tech talent in North America. New York has the second-largest pool of workers employed in tech at 264,374, while its universities churn out the most tech degrees of any city in North America at 13,337 graduates in 2017.
Silicon Valley leads the rankings, with Seattle and Toronto rounding out the top three markets.
CBRE’s 2019 Tech Talent report ranks 50 cities in the U.S. and Canada on both the quality and quantity that the labor pool provided to potential employers. To do so, CBRE scored each market on population trends as well as increased rates of 20-to-29-year-olds, housing costs, educational attainment, office rent and vacancy trends, diversity and its start-up pipeline.
Overall, the report found that both countries churned out more than six million highly skilled tech workers combined. The U.S. alone has more than 5.2 million tech workers and has added more than 693,000 jobs in the past five years.
Despite that growth, the outpouring of tech workers lags behind market demand, slowing down job creation, according to the report. With unemployment at 1.9 percent, it has created growing labor costs and increased competition to attract and retain talent, the report said.
Still, a growing pool of talented tech workers makes New York fertile territory for tech companies looking to fill developer roles.