Silicon Valley is known as being the center of tech and innovation, but people in the industry are noticing that its dominance is starting to slip.
A recent survey of tech employees in Silicon Valley found that an estimated 49% expect another region outside of the San Francisco Bay Area to emerge as a “center of innovation.” The report, compiled by the Brunswick Group, says that the majority of surveyed tech workers — almost 75% — expect China to be the most likely competitor to Silicon Valley’s tight grip on the tech industry.
The report also found that even as more jobs in tech continue to emerge, half of surveyed workers see it harder now to find and recruit talent than it was a year ago. That could be because the younger generation of tech workers are looking outside of Silicon Valley for work — 41% of tech workers surveyed, ages 18 to 34, said they planned to leave the Bay Area in the next year.
Despite the anticipated decrease in tech talent and increase in industry competition, Silicon Valley is still optimistic about the future. More than half of tech workers said they expect to see their companies grow, and think Silicon Valley’s best days are still ahead.
Read the full deck from Brunswick Group’s tech talent survey: