Listen Now: A New Silicon Valley
Silicon Valley might be the tech industry capitol, but it’s competitors are quietly making a stand.
A new tech salary report released by the job site Hired.com found companies in other tech hubs such as Los Angeles and Austin are quietly raising salaries. According to the report, last year the average tech worker in austin made $117,000, up 7%; while workers in L.A. and D.C. brought home an increase of 6% over the past year.
Industry experts say Austin in particular is a city to watch. They say with the low cost of living and no income tax companies such as Facebook, Google and Dropbox are investing more money in the area.
And here’s another hit for the bay area? San francisco was missing from the list of the top five places tech workers want to relocate. The report found that the main reason is the bay area’s high cost of living which, ironically, as many experts point out, is due to the high salaries of tech workers.
Making more but spending more.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.