While the economic future remains uncertain, 2019 was a strong year for tech employment for North Texas, according to a newest Cyberstates report by CompTIA.
Out of the major metro areas in the country, Dallas ranked No. 7 in net tech employment overall. However in terms of jobs added between 2018 and 2019, the city came in at No. 6, with a gain of more than 9,900 jobs. Overall, the Dallas area had more than 350,000 tech jobs.
According to the report, the top spots were taken by New York City, Los Angeles and Washington D.C.
“While the largest job gains are associated with the states with a significant tech presence, the fact that most states experienced tech employment job gains speaks to the broad-based impact of technology across the nation,” the report stated.
The Metroplex has a long history of large tech companies bolstering the market, with companies like AT&T and Texas Instruments having deep roots in the region. And though the recent pandemic has created uncertainty, the local startup scene has been growing recently as well, landing the region in the No. 29 spot for its entrepreneurial strength, according to a recent report by Inc. and Startup Genome.
In addition to Texas' overall business-friendly attitude and relatively low cost of living, tech wages in the region are another potential draw for tech talent. According to the CompTIA report, the average tech wage in Dallas is about $87,000, or 91% higher than the median metro wage. The tech industry made a $62.1 billion impact on the local economy.
Like the region, the state has been growing in tech strength also. Overall, Texas ranked No. 2 in net tech employment, adding nearly 27,500 tech jobs between 2018 and 2019. CompTIA said the tech sector had a $141.7 billion impact on the state’s economy.
With the outbreak of the COVID-19 pandemic, the region’s economy is likely to see a large impact. Already, some startups and other major tech companies have laid off or furloughed employees. However, local business leaders see some areas of positivity. Earlier this month, the Venture Monitor Report by the National Venture Capital Association and Pitchbook, noted that while Q1 funding was down from 2019, it was still up from Q4. In addition, the Dallas Regional Chamber hosted a panel of corporate location consultants, which largely agreed that while relocation deals may be delayed, many are still projected to go through, as things emerge from the pandemic.
“All companies are looking to extend their cash runway, examining their burn rates and cutting costs during this period of deep uncertainty,” the Venture Monitor Report states. “Venture investors… have not stopped investing, but many are being more conservative in their approach. The focus has primarily turned to their existing portfolio companies, ensuring companies have enough cash runway and stressing efficiency.”
