Austin, Texas, ranks top for tech worker migration, LinkedIn data shows
San Francisco, Boston, Chicago, Cincinnati and New York City were the top 5 areas to see the largest outflows of tech workers
Strong demand in the economy is affecting more than jobs
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Austin, Texas; Nashville, Tennessee; and Charlotte, North Carolina, rank as the top three cities to see the largest inflow of tech-related job migration over the past 12 months, according to new data provided by LinkedIn. The rankings are based on the top 35 metropolitan areas with gross tech migration of at least 2,000 LinkedIn users within the last year.
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According to the data reviewed by FOX Business, about 217 software and information technology company workers per 10,000 moved to Austin between May 2020 to April 2021. Nashville and Charlotte saw about 154 and 145 tech workers per 10,000, respectively, during the same period. Rounding out the top five are Jacksonville, Florida, which saw inflows of approximately 136 tech workers per 10,000, and Denver, Colorado, which saw roughly 130 tech workers per 10,000.
Meanwhile, San Francisco saw the largest outflows with about 80 tech workers per 10,000 leaving, followed by Boston with roughly 54 tech workers per 10,000, Chicago with approximately 53 per 10,000, Cincinnati with about 47 per 10,000 and New York City with roughly 42 per 10,000.
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The new data comes as companies are announcing their return-to-the-office plans as COVID-19 restrictions ease.
While tech giants like Twitter, Microsoft, Google and Salesforce have said they would either allow employees to work from home full-time or offer flexibility using a hybrid work model, Facebook and big banks like JPMorgan Chase, Wells Fargo and Goldman Sachs are aiming to bring the majority of their employees back to the office before the end of the year, signaling some of the moves noted by LinkedIn may not necessarily be permanent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | n.a. | n.a. | n.a. | n.a. |
| MSFT | MICROSOFT CORP. | 399.12 | -5.15 | -1.27% |
| GOOGL | ALPHABET INC. | 154.09 | -1.92 | -1.23% |
| CRM | SALESFORCE INC. | 270.41 | -1.44 | -0.53% |
| FB | n.a. | n.a. | n.a. | n.a. |
| JPM | JPMORGAN CHASE & CO. | 185.80 | +4.66 | +2.57% |
| WFC | WELLS FARGO & CO. | 60.35 | +1.61 | +2.75% |
| GS | THE GOLDMAN SACHS GROUP INC. | 404.07 | +0.84 | +0.21% |
On Friday, the U.S. Labor Department will release its jobs report for the month of May. Economists expect employers added 674,000 positions in May with the unemployment rate falling to 5.9%. In April, the U.S. economy added just 266,000 jobs, well below the more than 900,000 expected, while the unemployment rate increased to 6.1%.