Report: Richmond's tech pay lags — a lot
Wages for tech workers in Richmond are some of the lowest in the country when compared to other tech hub cities.
Why it matters: The proliferation of remote work during the pandemic created a unique opportunity for cities across the country to establish themselves as hubs for workers and jobs in the tech industry, one of the fastest growing job sectors.
Driving the news: Richmond is solidly a fourth-tier city for tech compensation, according to private company data compiled by Carta, the maker of an equity management software.
- And Richmond tech workers are paid 75% of what their counterparts in San Francisco make.
Yes, but: Being fourth-tier and among the lowest paying probably isn't welcome news for workers, but it’s exactly what tech employers are looking for in a workforce. And Richmond’s cost of living is objectively considerably lower than San Francisco’s.
Plus, the average salary for tech workers in Richmond is $98,673, compared to $53,593 for non tech workers, according to the 2021 Scoring Tech Talent report from commercial real estate firm CBRE.
Of note: Richmond suffers from a “brain drain” of tech talent, according to the CBRE report. The city produced 3,500 new tech degree graduates between 2015-2019, but it only added 1,800 new tech jobs.
- And that contributed to Richmond being ranked last in the report, which looks at the top 50 markets in North America. It was 49th in the 2018 report.
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