It's no secret that one of the reasons why the Silicon Valley has such a hot real estate market is all the high tech companies that are here. These companies not only create jobs, but higher paying jobs. And generally speaking, where there are high paying job, there is a robust real estate market.
America’s Most Innovative Tech Hubs
It’s no surprise when San Jose and San Francisco — the engines that power the tech industry in Silicon Valley and the San Francisco Bay Area — dominate a list of innovative U.S. cities. But what about bucolic Corvallis, Oregon? Or quaint Burlington, Vermont, population 42,284?
These cities also made the cut for America’s Most Innovative Cities, NerdWallet’s guide for understanding where the impact of tech funding, innovation and startup activity is the strongest. Resident for resident and startup for startup, these cities have an outsize impact.
Key takeaways
Silicon Valley is by far the leader. With a high number of patents per capita and venture capital funding figures that no other place comes close to, the metro area that includes the cities of San Jose, Sunnyvale and Santa Clara leads all in tech innovation.
The West dominates. Only two East Coast places made our top 10 list — Burlington, Vermont, and Boston, Massachusetts.
Universities are key. Every area in our top 10 is located near a major university, suggesting that higher education and innovation are closely linked.
Factors we considered
Number of patents per 1,000 residents. We looked at the number of patents granted in the technology class by the U.S. Patent and Trademark Office in each metro area from 2009 to 2013 to find the areas with the most inventive residents.
Financial support for innovation. We examined the amount of venture capital funding an area received per capita in 2014 to understand if entrepreneurs have access to the capital they need.
Economies of agglomeration. Agglomeration — nearness of location — is used here to describe the benefits when companies, like startups, cluster together. The higher the density of startups, the more innovators can benefit from common labor pools and idea sharing.
Source: NerdWallet | Courtney Miller
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