After reviewing surveys and research reports from recruiting firms, financial analysts, and small business insurance cost data from Insureon, we’ve come up with the top seven cities in which to start the Best IT consulting companies in dallas.
The IT consulting industry is booming, thanks to strong economic growth, a cost-cutting shift to cloud computing, and a positive approach to technological advancement and innovation. According to Forrester Research, information technology consulting is growing at a rate of 5 percent per annum, keeping in mind the global technology market. This increase in IT spending for services, consulting, and management is having a huge impact on the US economy, meaning there are plenty of opportunities for small, independent IT consulting firms.
While some IT consulting firms are setting up shop in cities with little or no technology history, others are moving into areas where the industry already has a strong presence.
We picked the seven best cities (or metropolitan areas) to start an IT consulting business in 2018 after studying more than a dozen surveys and research reports from recruiting firms, financial analysts, and small business insurance cost data from Insureon.
Bay Area of San Francisco
Despite its high cost of living, the San Francisco, San Jose, and Oakland metro area remains the most professionally and financially rewarding metro area in the United States for IT professionals. Although tech jobs have spread to other metro areas and industries, Silicon Valley remains home to many of the most desirable tech firms. According to Glassdoor research, software engineers and IT professionals are the most sought-after employees today. According to Hired, the technology industry employs more than 10% of the Bay Area’s workforce, and San Francisco has the highest average salary for tech workers in the country, at $142,000.
The Seattle metropolitan area, which is home to Microsoft and Amazon, has seen some of the most significant increases in software engineer hiring, making it one of the top technology cities in the country. According to CBRE, tech salaries in Seattle have increased by more than 21% in the last five years, making it the fastest-growing city on the list. Although the cost of living is rising, housing and business operating costs remain significantly lower than in the San Francisco Bay Area. Meanwhile, according to Hired, the average salary for tech workers in Seattle is $132,000, just $10,000 less than in Silicon Valley.
New York City
While the cost of living and doing business in New York is second only to the Bay Area, the city’s culture, opportunities for advancement, and proclivity to add new jobs in the field continue to draw IT, professionals. In just the last five years, New York City has added a staggering 32 percent more tech jobs. More than 400 new businesses raised $9.5 billion in funding in 2016. Etsy, a well-known New York-based company, has also gone public, with a valuation of over $1 billion. The average annual salary for tech workers in New York is $129,000.
New York’s high cost of living and doing business is reflected in the city’s business insurance rates. IT Consultant in New York pays a median annual premium of $1,170 for errors and omissions insurance and $430 for general liability insurance, the highest of any city on this list. The average annual cost of all types of business insurance is $700.
Washington, D.C. is the capital of the United States.
With strong draws such as museums, parks, and cultural sites, the nation’s capital ranks sixth overall for work-life balance. The technology employs nearly 8% of the region’s workforce, and while the city’s cost of living is 22% higher than the national average, the city’s proximity to government-related jobs makes it a year-round destination for IT professionals. Following a downward trend in 2016, average tech salaries are now on the rise. The average annual salary for tech workers in Washington, D.C. is $116,000.
In comparison to the other cities on this list, Washington, D.C. has the lowest rate for general liability insurance, with a median annual premium of only $280. Errors and omissions insurance costs an average of $870 per year for IT professionals, with a total cost of $600 per year for all types of business insurance.