Philadelphia tech salaries see largest jump in the U.S.
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Tech salaries in Philly have made the greatest leaps in the last year, compared to anywhere else in the country.
Driving the news: The average tech salary in Philly jumped nearly 12% between 2021 and 2022, when adjusted for cost of living, beating out Silicon Valley and other tech hotspots, according to a new report from Hired.
- It's a major reversal from the slight decline in average salary reported the two years prior.
Yes, but: These Philly workers still earn less than their counterparts in tech's coastal powerhouses.
- The average tech salary in the San Francisco Bay Area is $174,000, followed by Seattle ($168,000) and New York ($161,000), according to Hired's report.
- Philly's average tech salary is about $142,500.
State of play: With the rise of remote work during the pandemic, many workers ditched costly tech cities for more affordable, smaller cities.
- The Dallas-Fort Worth region saw the second highest rise in average tech salaries this year, followed by Denver, per the report.
Reality check: While Philly's tech sector saw growth during the pandemic, it remains a small player when it comes to the share of tech startups in the nation.
- Plus: The majority of the tech jobs in the region are outside the city in places like King of Prussia and Malvern.
What they're saying: Philly is still a nascent tech hub but its lower cost of living and ease of transportation is helping attract workers, Hired CEO Josh Brenner told Axios.
- Brenner anticipates that Philly and its tech salaries could "continue to see heightened growth as tech workers flock to the city due to its perks and may want to see their salaries stretch further than in more established tech hubs."