According to Washington state’s top tech trade group, the Seattle and Puget Sound area as more software engineers than the San Francisco bay area. The Madrona Venture Group in addition to the Washington Technology Industry Association has released the 2015 Seattle Tech Universe map, which describes the relationship between technology companies in the Puget Sound region and the San Francisco bay area. This map shows over 600 companies including Microsoft, Amazon and the University of Washington, which are among some of the largest instigators of growth in the Puget Sound. Over the last eight years, nearly $60 billion has been invested in Washington tech companies, creating more than $450 billion in wealth covering mergers and acquisitions.
Out-of-state companies that have centers in the Seattle area has grown from just 5 in 2007 to nearly 70 in 2015. These include companies such as Facebook, Google, Twitter and Snapchat, causing more competition for Seattle companies and contributing to a more vibrant ecosystem. The research shows that Seattle has a motivated ability to recruit workers and maintain job growth as the Seattle area is home to 90,000 software engineers, nearly 10% more than in the bay area. Nearly 85,000 or 94% of these engineers come from outside the state. Analysts feel that the ability to create jobs and to recruit for jobs will continue to grow but locally, many places simply can’t keep up the pace. Tech companies such as Amazon and Microsoft create nearly 3500 software engineering jobs each year but the Washington state universities graduate only about 500 software engineers annually. Naturally more and more job hunters will be coming from out of state increasing the need for more housing close to these major industries and headquarters.
Currently, Seattle is building out many new condo buildings close to tech companies like Amazon and Google but more will need to be planned to keep the supply and demand at a reasonable level.
For more details about housing, real estate or condos near tech facilities in the Puget Sound contact Mary Pong today.