Los Angeles County tech wages are growing faster than the earnings of tech employees in the nation’s other big cities, according to data from the U.S. Bureau of Labor Statistics compiled in a report by downtown real estate investment firm Jones Lang LaSalle Inc.
The average tech wage in Los Angeles grew 13.2 percent to an average of $115,000 last year, nearly doubling the rate of the South Florida region, which came in No. 2 with a year-to-year increase of 7.2 percent.
However, L.A.’s average tech wage salary was only good enough for 10th highest in the nation. By comparison, wages in Silicon Valley averaged $226,000, which was the nation’s highest.
Los Angeles showed particular growth in media jobs with companies such as Netflix Inc. and Hulu hiring heavily, said Amber Schiada, director of research for JLL.
“Los Angeles is now coming up and enjoying some of the wage growth that other tech markets were seeing early in the tech cycle,” she said, noting that employee earnings in Silicon Valley are higher because the tech cycle there is more mature. “Those early (employee) additions in the company, who are now in the C suite, were awarded generous stock options and benefits to attract them. The wage figures are skewed really high in the (Bay Area) because of the benefits and stock options.”
However, the early maturation of that market means Silicon Valley tech wages are now suffering from stagnation, Shiada explained.
Technology reporter Garrett Reim can be reached at email@example.com. Follow @garrettreim on Twitter for the latest in L.A. tech news.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- L.A. Tech Employees’ Pay Increases Pace Field
- Silicon Beach Report Aug. 19: L.A. Tech Wages Rising Fastest in the Nation
- Venture Debt Financier Hercules Opens Santa Monica Office
- Pay Gap Widens Between Women and Men in L.A. Tech Industry
- Silicon Beach Report Aug. 29: Pay Gap Widens Between Women and Men in Los Angeles Tech Industry
- Billionaire Peter Thiel Moving to Los Angeles
- Silicon Beach Report Aug. 25: Apple Making Snapchat Clone
- Silicon Beach Report Feb. 3: 5 Challenges for Snap Inc. in Its First Year as a Publicly Traded Company