Where else is tech talent headed?
Scoring Tech Talent 2022
Over the past five years, Latin America’s tech talent workforce has grown about twice as fast as that of the U.S. While costs have risen with rapid growth, average wages in Latin America remain about 34% of those in the U.S. The three largest Latin American tech talent markets are Sao Paulo, Mexico City and Santiago, while the fastest growing by far is Monterrey.
Real estate costs are also relatively low, making Latin America an even more attractive option for tech talent employers.
Figure 30: Latin America's Top 10 Markets
1 Jobs related to the development, operation, monitoring and support of the digitized information transmission processes.
2 Based on 2021 annual average exchange rates.
3 Submarkets where tech firms are predominently located.
4 Submarkets where tech employees predominently live.
5 Local currency
North America’s Next 25
Fostering talent development in lesser-known and underdeveloped U.S. and Canadian markets could offer additional talent pools to employers seeking to expand their geographical reach and uncover opportunities. These 25 smaller markets represent potential and in the U.S. are concentrated in the Midwest and South. They have been separately ranked from the top 50 markets according to their relative strength.
Figure 31: The Next 25 Markets
*data in US$
Note: Markets were separately ranked according to their relative strength based on eight of the 13 metrics used for the top 50.
Source: U.S. Bureau of Labor Statistics (Metro), Statistics Canada (Metro), April 2022.
The rising importance of technology in business and society has caused a global expansion of tech talent labor pools and implementation of more distributed labor strategies by tech talent employers seeking innovation potential and efficiency.
Latin America’s Top 10 Markets
Latin America has long been an important source of tech talent in North America, initially focused on manufacturing and business services. During the most recent economic growth cycle, Latin America’s tech talent has increasingly focused on software development and innovation. This has attracted many multinational technology companies to the region, as well as further developed Latin America’s own technology industry.
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