PROVIDENCE – The Providence metropolitan area ranked No. 16 among the top 20 Northeast metros for technology development, according to a recent study released by commercial real estate listing service and data provider CommercialCafe.
The study focused on metro areas with populations of more than 200,000 people using U.S. Census data as of Dec. 31, 2023. The study found that Providence tech workers earn a median salary of $90,095, representing a 17.5% growth over the five-year study period.
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CommercialCafe ranked the top 20 metros for tech in the Northeast based on nine metrics, with each metro scoring between zero and maximum points across each category. The metrics include tech establishment density, tech establishment growth, tech employment density, tech employment growth, median tech earnings, median tech earnings growth, life quality index, number of tech patents granted, and number of companies submitting tech patents.
While each category focuses on a five-year period, the five-year period is not the same across all categories. Points were awarded directly proportional to each metric, apart from the unemployment rate and regional price parity, for which lower values received higher marks, according to the study methodology.
One highlight was that Providence ranked No. 2 for tech establishment growth, which increased 8.8% between 2018 and 2022. The metro ranked No. 10 for tech employment growth, increasing by 17.6% between 2019 and 2023.
There were 780 patents granted from 2020-2024 in the Providence metro, which ranked No. 8 among the top 20 Northeast metros. Providence also saw the ninth-largest pool of contributing organizations and companies to tech patents submitted during the five-year period, with 63 different companies between 2020 and 2024.
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
