Providence Predicted for Tech Job Growth
Wednesday, November 23, 2011
Providence is identified as one of the cities that may realize tremendous job growth in the tech sector. According to NewGeography.com who analyzed data produced by Economic Modeling Specialists, Inc (EMSI) found that Silicon Valley may not be the hub to new job growth in technology - it may be cities like Providence.
While unemployment in Providence and Rhode Island may be amongst the worst in the US, this report predicts Providence will grow to the second best in New England for tech job creation and 21st overall.
Accordingly, growth in technology is outpacing non-technology jobs 4-1. "The combination of consumers’ unquenched demand for new technology and businesses’ application of new technologies, such as cloud computing, to gain efficiencies has given the high tech industry a job growth rate nearly four times faster than the national average since the employment... (5.1 percent vs. 1.4 percent)."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIn recent months, Providence has added job growth in technology-sector via 38-Studios, expansion by Andera, the announcement of the relocation of Hasbro to downtown all point to the growth of tech-focused jobs.
Bennett Says Providence is Attractive
"Providence is a much cheaper place to live than Boston. It's a hip town and it's young town. And we have a new Mayor who is able to bring his vision to the city. He created an economoic development position and that was forward thinking and I think it sends a good message."
The analysis on future tech job growth offered by NewGeography.com unveils that Providence ranks second in New England in the ranking at #21 and one spot ahead of Boston, MA at #22. Hartford led New England at #19 in the ranking.
According to NewGeography.com, "Or look at the Boston region (ranked No. 22), which arguably boasts the most impressive concentration of research universities in the country. The region did add jobs in research and computer programming, but these were not enough to counter huge losses in telecommunications and electronic component manufacturing. Over the past decade, greater Beantown has given up 18% of its tech jobs, or more than 45,000 positions."
Better Value
For Providence to meet the growth predictions, it will have to improve its ability to market itself and communicate its core competitive value - work force, affordable business rents, accessibility. As an example, rents in the core of downtwon Providence is just 60% of the costs in the Boston-metro area.
"Ultimately you have to be a better value. Capital will seek you out if you have a good idea and Providence is a better value right now. We look at it as the bulls are marching down route 195 and we need to get out of the way and let it happen," said Bennett.
