The 2024 CBRE Scoring Tech Talent report is out and, once again, Waterloo Region has held its place as the #1 small tech talent market in North America.
This marks the fourth consecutive year that Waterloo has claimed the top spot, reinforcing its reputation as a leading tech hub.
Holding strong at #18 overall, Waterloo’s impressive growth and strong tech ecosystem continue to set it apart from much larger markets. With a 46% tech job growth rate over the past five years, Waterloo ranks 3rd in North America for tech job growth – surpassing major tech hubs like New York, Los Angeles and the Bay Area.
Waterloo’s strengths go beyond job growth. The region has the 4th highest concentration of tech talent in North America, with 9.6% of its workforce employed in tech-related fields. Over the past five years, Waterloo added 9,100 new tech workers, surpassing cities like Boston, Salt Lake City and San Diego. Its appeal to young professionals is clear, with a 29.2% growth rate for residents in their 20s and a 20.2% growth rate for those in their 30s – both the highest in North America.
There’s a similar story happening down the road. Toronto, ranked #4 overall and added more than 95,000 tech jobs over the last five years, making it the third-highest growing market. The Toronto-Waterloo-Corridor continues to be a powerhouse for tech growth and innovation. In total, six Canadian cities made it into the top 25 markets, with Waterloo leading the way for all small markets.
Editor’s note: This article originally stated that Waterloo ranked #21 overall. CBRE has since corrected the ranking to #18.
Top 10 small tech talent markets in North America
Waterloo is the #1 small tech talent market and one of two Canadian markets in the top 10. The full list includes:
- Waterloo Region
- Madison
- Orlando
- Columbus
- Pittsburgh
- Nashville
- Sacramento
- Indianapolis
- Quebec City
- San Antonio
Key findings from the 2024 CBRE Scoring Tech Talent report
Even though it leads the pack for small markets, Waterloo continues to shine as a top tech market overall. Here’s why:
- 3rd fastest-growing tech market: Waterloo saw a 46% growth in tech jobs from 2018–2023, outpacing major cities like New York, Los Angeles and the Bay Area.
- 4th highest tech concentration: 9.6% of Waterloo’s workforce is in tech roles, ranking 4th overall in North America.
- 9,100 new tech workers: Over the past five years, Waterloo has added 9,100 new tech workers, surpassing Boston, Salt Lake City and San Diego.
- Top demographic growth: Waterloo saw a 29.2% growth in residents in their 20s and 20.2% in their 30s, the highest in North America.
- Best value for cost and quality: Waterloo continues to offer “the best value in terms of cost and quality for tech talent,” followed by Madison and Pittsburgh.
The 2024 report also introduced a new ranking of the ‘Top 15 Markets for Software Engineers Employed by the Tech Industry.’ Waterloo ranked 4th, with 66.4% of its software engineers employed in tech roles, following only Seattle, the San Francisco Bay Area and Vancouver.
View the full Scoring Tech Talent 2024 report for all the details.
For employers and talent
Waterloo offers a cost-effective business environment with access to high-quality tech talent. Lower costs make it an attractive location for companies looking to expand without the hefty price tags of larger cities. The region is also home to world-class post-secondary institutions like the University of Waterloo, producing a steady supply of skilled, work-ready tech professionals.
At the same time, Waterloo is a highly appealing destination for tech talent. The region’s thriving tech sector offers career opportunities at both startups to established enterprises. Waterloo also provides an excellent quality of life, with affordable living, top-tier healthcare and a vibrant cultural scene – making it a great place to build both a career and a home.
More room to grow
Waterloo’s steady rank as the #1 small tech talent market, along with its rapid industry and population growth, confirms the region as a prime destination for growth. Whether you’re an employer seeking to scale or a tech professional looking for your next opportunity, Waterloo’s unique mix of talent, innovation and quality of life make it an unbeatable choice.
Let’s talk about what your future could look like in Waterloo.