Where is the next Silicon Valley?

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Science, technology, engineering, and math (STEM) is on the rise.  In 2012, 146,000 students received their undergraduate degree in computer science or engineering, up 25% since 2001.  This year, an additional 16,000 students will complete training from coding boot camps.  With the all these students entering the tech field, where are the jobs?

Bloomberg’s recent report suggests that these jobs will likely be moving away from traditional tech hubs, such as Silicon Valley.  Instead, they’ll be in energy hubs and around institutions that are known for their research.  There are several cities that have the highest STEM pay that may surprise you.  Washington, DC takes 3rd on the list due to the government’s high demand for technology workers and Bethesda, MD ranks 6th, due to the presence of Lockheed Martin.  Newark, NJ ranks 8th and is on its way to becoming a technology hub.  Just a train ride away from Manhattan, Newark is home to Rutgers, New Jersey Institute of Technology, and Audible.com, whose CEO Donald Katz recently took the stage at TED to urge other tech companies to move to Newark and revealed his plans for growing the tech community in NJ.  Full story here.

Top 10 Highest STEM Pay

  1. San Jose, CA
  2. San Francisco, CA
  3. Washington, DC
  4. Seattle, WA
  5. Oakland, CA
  6. Bethesda, MD
  7. Framingham, MA
  8. Newark, NJ
  9. Huntsville, AL
  10. Boston, MA

Aside from access to energy and research institutions, the relative cost of living also has an influence.  Of course it’ll be nice to live in a major metropolitan city, but that comes with a hefty price tag.  For example, San Francisco, CA ranks #2 on the STEM pay list, with average STEM salary of $106,180, but ranks highest in cost of living, with an index of 262.3.  The average STEM salary for an individual in Huntsville, AL on the other hand is $92,380 with a cost-of-living index of only 97.4.  Simply put, this means you’ll make a little less salary in Huntsville, but can afford twice as much.  Bloomberg does a great job of breaking this down with graphics.

(Image: Bloomberg)

STEM

stem comparison

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