Boston, San Francisco, Seattle, San Diego and San Jose, California, accounted for more than 90 percent of the growth in high-tech jobs between 2005 and 2017, boosting the nation’s total innovation employment from 17.6 percent to 22.8 percent, according to a new report from the Brookings Institution.
The report also said that during that same period, the bottom 343 other metro areas lost one-third of the nation’s innovation jobs.
Many high-tech cities are experiencing negative consequences, including soaring home prices, traffic jams and college-educated people flocking to the popular cities, the report said. As a result, parts of the country could be falling into “traps” of underdevelopment. San Francisco and San Diego, for example, are tackling a dire homeless crisis.
Brookings proposed a massive federal government investment, compromised of direct funding, tax and regulatory benefits and workforce development to counter regional divergence.
The report also found 35 metro areas that could potentially become one of America’s next hubs for innovation – especially in the Great Lakes, Upper South and Intermountain West regions.