Technology maintains dominant position as Seattle’s fastest growing sector by job openings
Internet and technology companies continue to lead the charge on Seattle’s hiring front
December 11, 2019
- Internet and technology companies continue to lead the charge on Seattle’s hiring front, signaling continued health and confidence within an industry that has become a linchpin of Seattle’s economic growth. According to a recent Glassdoor Job Market report, November tech job openings grew 44.0 percent year-over-year. This continues its run as the industry with the highest year-over-year increases in job openings in the Puget Sound.
- Although, current openings only begin to tell the story. The disparity in open positions will widen substantially within the next five years. Looking at large tech companies with Puget Sound footprints, more than 10 million square feet is currently signed for but not yet occupied. By traditional space per employee standards, this equates to over 58 thousand more tech employees across Seattle and the Eastside in the near future.
- This significant hiring increase will affect another pillar of Seattle’s growth: immigration. Domestic net migration has been steadily decreasing in King County since 2013, while international net migration has been marching upwards. In 2018, King County lost 5,000 more residents than it gained domestically while it netted 21,000 new international residents. As tech has boomed in Seattle and rents have risen, some existing residents have moved to Snohomish and Pierce Counties searching for greater relative affordability as international talent has increasingly favored the Seattle area. Increased tech hiring will reinforce Seattle’s international appeal, in turn spurring growth on the North and Southend as existing residents search for relative affordability.
Source: Glassdoor Job Market Report, JLL Research, U.S. Census Bureau