Friday, September 25, 2015

Six Figure Cities

Doing some more Indeed mining, was interested to see where the six figure jobs are.   Running at a 25 mile radius to the main downtown, which gets close to MSA-level, top 10 were:

1. NY - 17,737 openings > $100k
2. SF - 6,527 openings, yes it beat L.A.
3. DC - 5,701
4. Boston - 5,576 a shutdown or sequester away from topping DC
5. Chicago - 5,009
6. San Jose - 4,446
7. LA - 3,908 more on this below, barely beat Seattle
8. Seattle - 3,058, only top 10 for $100k's that's under 2 million total MSA jobs
9. Atlanta - 2,877
10. Dallas - 2,643

Surprises, Thoughts, and Comments:

1. Philly didn't make it.  It was 12th.   It's got about 2.8 million MSA jobs, slightly more than Boston, but less than 1/2 as many six figure jobs.  But then this starts to make sense when you look at how much cheaper class A space is in Center City compared to downtown Boston.

2. LA has fewer 100k jobs in a 50 mile radius than San Francisco has in 25.  

3. Seattle seemed high, even with Amazon and Microsoft.   Some of this reflects its overall strength, with 4% annual job growth, among the highest in the country, but also the strength of its downtown, and the fact that most of its large suburban submarkets, especially downtown Bellevue, are reasonably close.   70% of the 100k jobs within a 50 mile radius of the Space Needle were also within a 5 mile radius.   In DC and Boston, this ratio was less than 50%, reflecting more suburban jobs paying >$100k in those regions.

4. The ratio mentioned above - 100k's within 5 miles/100k's within 50 miles was exceptionally low in LA - just 33%.   Not surprising, but the Bay Area had over 11,000 within 50 miles of San Francisco, which was twice as many as LA had within 50 miles.

5. Nearly 10% of all Boston listings showed up as paying > $100k, a level matched only by San Francisco and New York.   More than 10% of all $100k listings nationally were within 5 miles of Lincoln Center, or essentially in Manhattan.

6. Wasn't Top 10, but Austin had more 100k's than Phoenix, Orlando, Tampa, or Las Vegas.   Maybe I'll post more on this.

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