Ask most tech startup founders in D.C. about the labor market, and they’ll tell you it’s tough to nab the right people with the right skills to build out a growing team.
That’s largely a product of fierce local competition for experienced tech professionals versed in specific skill sets, like a programming language, branch of data science or sales software.
But a new report shows that the DMV is near the front of a growing pack of tech hubs when it comes to tech talent. The D.C. market ranks No. 4 overall for its tech talent labor pool, according to commercial real estate giant CBRE. It trailed San Francisco, Seattle and Toronto.
But it has certain advantages and disadvantages as you dig deeper.
D.C.'s tech labor pool has remained nearly the same size in the last five years, growing about 2.2 percent in 2018, while the 10 fastest-growing large markets increased their pools between 20 and 54 percent.
In a related category, the number of tech degree graduates were compared with tech talent job creation in each market to determine brain gains or brain drains. D.C. produces significantly more graduates than jobs, the report says, and is by far the most drained market.
Part of that figure, however, is due to a wealth of degrees and educational opportunities in the local market. D.C. ranked No. 2 in educational attainment, with 57 percent of residents 25 or older having a Bachelor's degree or higher, and No. 2 in tech degree completions in 2017 with 11,300.
Meanwhile, the report shows about 8 percent of D.C.’s overall labor force is tech-oriented. That’s more than double the concentration of skilled tech professionals in New York, falling only behind the Bay Area, Toronto and Ottawa.
The District is also listed along with the most competitive tech talent markets in the nation, which can help drive up wages and associated perks. The average tech wage in the region has grown 9.4 percent in the last five years to reach $112,735. IT managers top the list for average salary at $173,470.
