Jul 11, 2022 - Business

Report: Richmond's tech pay lags — a lot

Select local tech wages compared to San Francisco market
Data: Carta; Chart: Jacque Schrag/Axios

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.
avatar

Get more local stories in your inbox with Axios Richmond.

🌱

Support local journalism by becoming a member.

Learn more

More Richmond stories

No stories could be found

Richmondpostcard

Get a free daily digest of the most important news in your backyard with Axios Richmond.

🌱

Support local journalism by becoming a member.

Learn more