Miami Ranks Number 01 for Growth in Tech Workers
Miami, in recent times, has shown great promise for tech workers. It is for this reason that it has ranked number 1 for IT workers. So here we discuss it briefly.
Promising Miami Tech Scene – An Attraction for Tech Workers
The US has seen an immense rise in the development of tech hubs. As a result of this development, some cities have shown more promise in comparison to others. Miami is one of those cities which have provided massive opportunities for tech workers.
Different tech companies have shifted their offices to Miami while others are planning to do it. It is the result of a tech-friendly environment and available opportunities for growth that tech migration to Miami is taking place. It won't be wrong to say that it is replacing Silicon Valley because of the opening opportunities.
There are major tech companies based in Miami. These include Oracle, Cisco, Launch Potato, SBC Communications, etc. These and other tech companies offer lucrative pay, diverse work opportunities, and other privileges. As a result, workers look for better work prospects available in Miami, which is why there is a trending flow of tech workers to Miami.
Stats for Miami Tech Migration
If we look at US Bureau of Labor Statistics data published about migration change for IT and software workers, they show how promising Miami is for IT workers. The Miami tech scene is favorable for them, substantiated by a 15.4% rise in tech migration. This data is about the time span of March 2020 to February 2021.
There is no city comparable in the US to contend for this position. The highest-ranking amongst others is Houston, Texas, which shows a 10.4% increase far behind Miami. Miami has left behind metropolitans like Washington D.C., Boston, Seattle, etc. Miami is becoming a tech hub because of being the state that collects no state income tax from residents.
It was the Covid-19 pandemic that added to the tech developers flooding towards Miami. It forced companies and their workers to stay restricted to remote work job culture. Miami already had companies that allowed workers to choose either of two options. So, the pandemic didn't create any significant problem. This also attracted other IT companies to base themselves in Miami to reap the fruits of it.
The influx to Miami seen in the last quarter of 2020 was the highest compared to the first three quarters. Here are some reasons why Miami is attracting more tech companies and workers.
Reasons why Miami is attracting Tech Workers
There are different reasons for tech migration to Miami and the rise of the Miami tech hub. Some of these are discussed here.
A Friendly Environment for Startups
Miami has achieved the status of the most favorable place for tech companies and workers in the US. The reasons for providing a friendly environment to IT workers and companies include stable internet connectivity, no state income tax, availability of its own tech ecosystem, facilities for workers, etc. In addition, the rising IT investments in Miami also compel companies to move there.
It is an environment of mutual growth, and tech companies are benefiting from it.
Dispersal of Tech Development Companies
It was the Covid-19 pandemic that led to the dispersal of tech companies from Silicon Valley and other tech hubs. These firms had to find another viable place for their business. There was no other place better than Miami, and it showed the results.
Even if there was no pandemic, IT companies' business prospects in Miami were way higher than in any other city. According to CrunchBase News US, $972 million were raised by IT companies in 2020 for their projects. Again, it was the highest in comparison to other cities.
Fulfilling the Future Needs of Startups
Miami is promising in regard to the fulfillment of the needs of tech companies. These include the geographical location, airport, universities like the University of Miami and Florida International University, coast, easy accessibility to Latin America, etc.
Thus, many prospective startups make it their first choice to start their venture from Miami. It is one of the rich talent-providing areas, which attracts tech companies.
Emerging Tech Hub – Money Flow
As said above, it is not only investors from outside that are pouring their money into Miami businesses. The inmates of Miami and other parts of Florida are equally interested in businesses and investing as much as they can. If IT and other tech companies in Florida have raised more than $972 million, then for 2021, it might be more than that.
Because of these opportunities and money flow, it can be rightly called the emerging tech hub.
Opportunities for Tech Workers
It is the result of the opportunities for tech workers that they prefer to work in Miami. These tech workers have attracted companies and businesses. Facilities ranging from work, residence to health and education make it a hotspot for IT/tech workers.
The job availability score in Miami for workers as per the stats of the US Census Bureau is 3.33. But, on the other hand, the salary score is about 4.0, while the cost of living score is 2.33, making it a better choice.
Florida is better in comparison to other US states, and Miami is an inclusion to it. Miami and the rest of Florida score 2.0 in broadband internet connectivity. This weightage is based on infrastructure, connectivity, and costs.
Migration of Tech Giants to Miami
The score of tech migration to Miami is 15.4%, which results from workers' trust. Tech giants like Keith Rabois of Founders Fund, David Blumberg of Blumberg Capital, David Goldberg of Alpaca VC, etc., moved to Miami in recent years. This shows the boom that is about to follow and the prospects of tech companies in Miami.
The Final Word
Miami is a growing hub for tech workers and ranks number 1, as stats show. This is not only promising for IT workers but also companies that benefit from the favorable conditions here.
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