Is Tampa the Next Silicon Valley? A Report on Tech Talent Growth

While not traditionally seen at the forefront of technology talent markets, the Tampa Bay area is steadily rising in prominence, as highlighted in the latest CBRE report. Tampa now ranks 30th for tech talent, climbing three spots from last year. This report evaluates the tech workforce in 50 of the largest U.S. and Canadian markets, showcasing Tampa’s growing role in the tech industry.

The demand for tech professionals in Tampa is rising, with a 14% increase in tech job postings over the past year. The report also emphasizes the growing pipeline of talent, fueled by local educational institutions and specialized training programs. Additionally, the area is seeing a surge in venture capital funding, which is further accelerating tech growth in the region.

“Many of Florida’s fast-growing cities exhibit the qualities sought by technology employers and professionals alike. As these markets gain momentum, it’s expected they will continue to climb in rankings,” said Josh Bank, executive managing director and Florida market leader for CBRE.

The top three markets for tech talent remained unchanged from 2023, with the San Francisco Bay Area, Seattle, and New York leading the way. Toronto moved up to the fourth spot, followed by Austin, Texas. Washington, D.C., dropped two places to sixth due to a slowdown in job growth, according to CBRE.

Tampa-Specific Insights

From 2018 to 2023, Tampa’s tech talent workforce grew by 7,750 professionals, reaching a total of 59,650—representing a 14.9% increase, the highest growth rate among Florida markets.
In 2022, the average wage for tech talent in Tampa’s tech industry was $96,559.
The market saw a significant 25.3% increase in wages for all tech jobs from 2018 to 2023.
Tampa also produced more tech graduates (9,213 between 2018 and 2022) than the number of tech jobs created (7,750 from 2019 to 2023).
The region experienced double-digit percentage growth in residents in their 20s (29.2%) and 30s (40.1%) with college degrees between 2017 and 2022.
The average yearly cost of operating a 500-employee tech company in Tampa across 60,000 square feet amounts to $51.2 million. Tampa ranks in the middle of the top 50 markets, similar to South Florida.
Software engineers are highly concentrated in Tampa’s tech industry, making it the most in-demand skill by employers. There’s also a notable surge in demand for talent specializing in artificial intelligence.

Find the full CBRE report here.

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