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Expand chart
Data: CBRE; Chart: Will Chase/Axios

There are emerging hubs all over the U.S. and Canada pulling tech talent away from the superstar cities — but the tech centers are holding onto their dominance, according to a new analysis from the commercial real estate firm CBRE.

The big picture: The pandemic has pushed millions of people to move out of cities, but it hasn't been enough to knock places like the Bay Area and New York out of the top spots to start tech companies.

Between the lines: Among the top 10 markets — with tech talent pools well over 150,000 people — the San Francisco and Toronto metro areas have the highest concentration of workers. About 11% of the Bay Area workforce is in tech, and the same is true for Toronto.

  • Compare that with the 3.8% and 3.7% concentrations in New York and Los Angeles, respectively.
  • A high concentration of tech workers can create environments more conducive to innovation, says Colin Yasukochi, executive director of CBRE's tech insights center and author of this report.

Several cities — large and small — saw huge gains in their tech talent pools in the last five years.

  • Among the big metros, Toronto's pool grew by 43%, Seattle's by 35% and Montreal's by 31%.
  • Among the small ones, Orlando, Florida, saw a 30% gain; Nashville, Tennessee, 36%, and Edmonton, Canada, 53%.

Worth noting: Three of the cities with the biggest gains are in Canada. As we've reported, there was a steady "brain drain" from the U.S. to Canada in the age of Trump as Canada took advantage of America's hardline immigration policies to pull away talent.

Go deeper

Dan Primack, author of Pro Rata
Sep 9, 2021 - Economy & Business

Tom Steyer launches climate tech investment platform

Photo illustration: Shoshana Gordon/Axios. Photo: Jeff Gentner/Getty Images for SiriusXM

Tom Steyer is putting his money where his mouth is when it comes to fighting climate change. And other people's money too.

Driving the news: Steyer, the former presidential candidate and billionaire founder of Farallon Capital, today launched Galvanize, a climate tech investment platform that will back companies from the seed-stage through private equity and project finance.

The consumer's massive "war chest"

Illustration: Megan Robinson/Axios

Economists expect the pace of economic growth to cool off now that government transfer payments like stimulus checks and emergency unemployment benefits are in the rearview mirror. But evidence suggests that the U.S. consumer is sitting on a lot of financial firepower that could be a key driver of growth in the quarters to come.

Why it matters: U.S. consumer spending is massive, representing about 70% of GDP.

The Fed takes on its own rules amid stock trading controversy

Photo: Al Drago/Bloomberg via Getty Images

New disclosures that showed Fed officials were active in financial markets set off a firestorm of criticism. Now the Fed may overhaul the long-standing rules that allow those transactions.

Why it matters: What officials actively traded was sensitive to the Fed decisions they helped shape, including the unprecedented support that underpinned a massive financial market boom.