Denver tech salaries among nation' s fastest-growing - Axios DenverLog InLog InAxios Denver is an Axios company.

Denver tech salaries among nation' s fastest-growing

Data: ; Chart: Simran Parwani/AxiosWatch out, Silicon Valley. What's happening: The pandemic-era exodus from traditional big tech hubs is raising salaries in smaller cities such as Denver, and giving spots like the San Francisco Bay Area a run for their money when it comes to recruiting top talent.Spurring the salary shift is the prevalence of remote work opportunities, which have soared since the start of the pandemic. Driving the news: Hired's annual report, published this month, ranks Denver third for the highest average local salary increases across the country. The Mile High City saw a 10.6% jump in average tech salaries between 2021 and 2022, trailing only Philadelphia and the Dallas-Fort Worth areas. What they're saying: "We've seen climbing salaries, aggressive hiring and layoffs — all at once. However, the hiring landscape remains competitive as companies innovate and diversify their teams through remote work," Hired CEO Josh Brenner said in a statement. "We're seeing salaries rise globally as employers expand their talent pools and candidates find more opportunities outside their backyards," he added. Yes, but: When it comes to salary, Denver behind the top five metros of San Francisco, Seattle, New York, Boston and Austin, the report found. The big picture: Denver has become — suddenly free to work from home and relocate from pricey job centers , and leverage their higher salaries to buy cheaper homes.The influx of out-of-towners puts the Mile High City where the purchasing power of outsiders outpaces that of existing residents — a factor that's significantly driving up home prices and squeezing housing supply. Get more local stories in your inbox with .Subscribe Support local journalism by becoming a member.

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