You Don’t Have to Go to Toronto for Affordable Tech Talent - Come to Minnesota Instead
25 Mar 2020
Tech companies like Lever have opened offices in Canada in order to tap into a more affordable talent pool. Cheaper salaries is one reason for the move with Toronto tech workers making $100,000 per year, compared to $145,000 in San Francisco (Borzykowski, 2019). The truth is, you don’t have to go to Canada to find top tech talent willing to work for $100,000 a year - you just need to come to Minnesota.
The Minnesota Technology Corridor is in the perfect location to attract top tech talent. Over 10,000 local students are graduating with a STEM education each year. According to Forrester Research, this is a ‘Top Tech Talent Market’ and the tech job growth rate is 52%. This makes sense given that the Twin Cities is adjacent to the Corridor, and that within the state of Minnesota there are nearly 200 universities and colleges, most of which are offering technical degrees.
The Minnesota Technology Corridor is More Affordable than Toronto
Minnesota also comes out ahead when it comes to cost of living. Silicon Valley is unaffordable for many people - even those with good paying tech jobs. The Bureau of Economic Analysis lists the San Jose–Oakland–Haywood area as the most expensive metro area in the country. It has a median home price of $1 million, compared to about $850,000 in Toronto, Canada - another reason companies have been opening offices up north, but it’s not the best option (Borzykowski, 2019). The Minnesota Technology Corridor is the clear winner when it comes to housing costs, beating Toronto as a destination for affordable housing. For example, Sterling’s Best Places lists Centerville as having a median home price of $280,000. Home prices ranging from the low $200’s to mid $400’s - over $400,00 less than in Toronto and over $600,000 less than in the Bay Area!
The Minnesota Technology Corridor offers a more affordable cost of living, but without sacrificing any amenities or access to big-city entertainment and shopping. Within the Corridor are beautiful lakes, charming communities, and outdoor recreation. Then, in 20 to 30 minutes, you have access to the Minneapolis-Saint Paul International Airport - rated #1 in the U.S. for time performance ratings. In addition, living and working in the Corridor provides access to all of the entertainment, dining, shopping and amenities offered by the Twin Cities. This is truly the best of both worlds - the affordability of living and safety offered by a smaller town combined with the big-city amenities of the Twin Cities. No where else in the country offers this combination of affordability, convenience and access within a thirty minute drive.
It’s Easier to Open a New Office in Minnesota than in Toronto, Canada
Opening an office or expanding into a foreign country presents unique obstacles, including the need to pay employees in multiple currencies, understand a new set of federal regulations and human resource laws, and needing to obtain a license to do business. In addition, moving to Canada is likely to precipitate the need to obtain visas for at least some American workers and convince them to move to a different country. That’s a lot of work and a lot of hurdles.
By comparison, moving to the Minnesota Technology Corridor is easy. We offer site selection assistance, have affordable commercial-ready sites, low energy rates, and are offering a variety of incentives to make the move more financially attractive. Of course, this is in addition to commercial and residential real estate costing far less than it does in both the Bay Area and Toronto.
In addition, it’s easier to fly employees into MSP Airport, have them tour local homes and get their children set up in their new schools than it would be if transferring employees out of the country. Speaking of local schools, WalletHub listed Minnesota as having the sixth best public school system in the nation with the second highest math test scores, and highest median SAT scores.
Discover the Benefits of Opening a New Location in the MN Tech Corridor
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Borzykowski, B. (2019, August 17). Nixing Silicon Valley, US companies are now tapping Canada for tech talent . Retrieved from CNBC: https://www.cnbc.com/2019/08/17/nixing-silicon-valley-us-companies-now-tapping-canada-for-tech-talent.html