Silicon Valley — the southern part of the San Francisco Bay Area that has become a global center for high tech businesses and innovation — has long been the envy of many other cities in the U.S. Metropolitan areas nationwide have invested in promoting higher education, attracting a skilled workforce and companies, and offering incentives to startups and investors. So, are any metros coming close to becoming the next high tech hub?
Looking at venture capital alone, the Silicon Valley area still attracts the most investments. For example, in the San Francisco-Oakland-Fremont metro area, venture capital investment totaled nearly $13,000 per capita in 2022, while in the San Jose-Sunnyvale-Santa Clara metro area investment totaled nearly $8,500 per capita. These investments were, respectively, about $7,800 and $4,100 higher than in 2017, according to data from National Venture Capital Association.
By finding the 25 metro areas in which venture capital investment per capita grew the most between 2017 and 2022, 24/7 Wall St. determined the cities that are emerging as the next Silicon Valley. In the 25 metro areas on the list, venture capital invested per capita grew by $598 in Reno-Sparks, Nevada, to $4,871 in Carson City, Nevada. Of course, investment per capita was significantly different in these two cities, at about $730 in Reno and nearly $4,900 in Carson City.
Other than Nevada, the metro areas on the list span the country, and it is not surprising to find many of them on the list. These include business hubs such as the New York City and Miami metro areas, as well as metros with large research universities such as metros in the Research Triangle in North Carolina, including Durham, and Raleigh-Cary, and the Boston metro area. (Also see: Hardest College To Get Into In Every State.)
Methodology
To determine the cities emerging as the next Silicon Valley, 24/7 Wall St. reviewed data on historical venture capital investment from the National Venture Capital Association. Metropolitan statistical areas were ranked based on the raw change in venture capital invested per capita from 2017 to 2022. Population data used to calculate venture capital investment per capita came from the U.S. Census Bureau’s Population and Housing Unit Estimates program. Supplemental data on STEM — science, technology, engineering, and mathematics — occupations as a percentage of total employment is from the May 2022 Occupational and Wage Estimates program of the Bureau of Labor Statistics. Data on the percentage of adults 25 and over with at least a bachelor’s degree is from the U.S. Census Bureau’s 2021 American Community Survey.
25. Reno-Sparks, NV
- Increase in venture capital invested per capita, 2017 to 2022: +$598
- Venture capital invested, 2022: $732 per capita ($366.7 million total)
- STEM occupational employment: 5.2% of workforce
- College attainment rate, 2021: 31.6% of 25+ population
- Total population, 2022: 500,915
24. Ames, IA
- Increase in venture capital invested per capita, 2017 to 2022: +$616
- Venture capital invested, 2022: $651 per capita ($82.3 million total)
- STEM occupational employment: 11.2% of workforce
- College attainment rate, 2021: 50.8% of 25+ population
- Total population, 2022: 126,282
23. Salt Lake City, UT
- Increase in venture capital invested per capita, 2017 to 2022: +$638
- Venture capital invested, 2022: $1,162 per capita ($1.5 billion total)
- STEM occupational employment: 8.8% of workforce
- College attainment rate, 2021: 37.9% of 25+ population
- Total population, 2022: 1,266,191
22. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Increase in venture capital invested per capita, 2017 to 2022: +$690
- Venture capital invested, 2022: $843 per capita ($5.3 billion total)
- STEM occupational employment: 6.9% of workforce
- College attainment rate, 2021: 42.3% of 25+ population
- Total population, 2022: 6,241,164
21. Albany-Schenectady-Troy, NY
- Increase in venture capital invested per capita, 2017 to 2022: +$729
- Venture capital invested, 2022: $759 per capita ($686.6 million total)
- STEM occupational employment: 8.1% of workforce
- College attainment rate, 2021: 41.3% of 25+ population
- Total population, 2022: 904,617
20. Durham, NC
- Increase in venture capital invested per capita, 2017 to 2022: +$769
- Venture capital invested, 2022: $1,289 per capita ($856.5 million total)
- STEM occupational employment: 13.9% of workforce
- College attainment rate, 2021: 50.6% of 25+ population
- Total population, 2022: 664,310
19. Miami-Fort Lauderdale-Pompano Beach, FL
- Increase in venture capital invested per capita, 2017 to 2022: +$771
- Venture capital invested, 2022: $906 per capita ($5.6 billion total)
- STEM occupational employment: 4.6% of workforce
- College attainment rate, 2021: 37.0% of 25+ population
- Total population, 2022: 6,139,340
18. San Diego-Carlsbad-San Marcos, CA
- Increase in venture capital invested per capita, 2017 to 2022: +$799
- Venture capital invested, 2022: $1,484 per capita ($4.9 billion total)
- STEM occupational employment: 9.3% of workforce
- College attainment rate, 2021: 43.0% of 25+ population
- Total population, 2022: 3,276,208
17. Ann Arbor, MI
- Increase in venture capital invested per capita, 2017 to 2022: +$832
- Venture capital invested, 2022: $1,314 per capita ($481.3 million total)
- STEM occupational employment: 9.9% of workforce
- College attainment rate, 2021: 57.9% of 25+ population
- Total population, 2022: 366,376
16. Chicago-Naperville-Joliet, IL-IN-WI
- Increase in venture capital invested per capita, 2017 to 2022: +$870
- Venture capital invested, 2022: $1,093 per capita ($10.3 billion total)
- STEM occupational employment: 5.6% of workforce
- College attainment rate, 2021: 41.1% of 25+ population
- Total population, 2022: 9,441,957
15. New York-Northern New Jersey-Long Island, NY-NJ-PA
- Increase in venture capital invested per capita, 2017 to 2022: +$871
- Venture capital invested, 2022: $1,520 per capita ($29.8 billion total)
- STEM occupational employment: 5.9% of workforce
- College attainment rate, 2021: 43.9% of 25+ population
- Total population, 2022: 19,617,869
14. Denver-Aurora, CO
- Increase in venture capital invested per capita, 2017 to 2022: +$963
- Venture capital invested, 2022: $1,301 per capita ($3.9 billion total)
- STEM occupational employment: 10.0% of workforce
- College attainment rate, 2021: 49.4% of 25+ population
- Total population, 2022: 2,985,871
13. Bridgeport-Stamford-Norwalk, CT
- Increase in venture capital invested per capita, 2017 to 2022: +$993
- Venture capital invested, 2022: $1,260 per capita ($1.2 billion total)
- STEM occupational employment: 6.5% of workforce
- College attainment rate, 2021: 50.5% of 25+ population
- Total population, 2022: 962,946
12. Lincoln, NE
- Increase in venture capital invested per capita, 2017 to 2022: +$1,018
- Venture capital invested, 2022: $1,210 per capita ($414.3 million total)
- STEM occupational employment: 7.3% of workforce
- College attainment rate, 2021: 40.7% of 25+ population
- Total population, 2022: 342,448
11. Charlottesville, VA
- Increase in venture capital invested per capita, 2017 to 2022: +$1,103
- Venture capital invested, 2022: $1,560 per capita ($349.2 million total)
- STEM occupational employment: 7.8% of workforce
- College attainment rate, 2021: 51.9% of 25+ population
- Total population, 2022: 223,825
10. Los Angeles-Long Beach-Santa Ana, CA
- Increase in venture capital invested per capita, 2017 to 2022: +$1,139
- Venture capital invested, 2022: $1,620 per capita ($20.8 billion total)
- STEM occupational employment: 5.8% of workforce
- College attainment rate, 2021: 37.6% of 25+ population
- Total population, 2022: 12,872,322
9. Columbia, MO
- Increase in venture capital invested per capita, 2017 to 2022: +$1,264
- Venture capital invested, 2022: $1,405 per capita ($301.5 million total)
- STEM occupational employment: 5.5% of workforce
- College attainment rate, 2021: 47.3% of 25+ population
- Total population, 2022: 214,630
8. Austin-Round Rock, TX
- Increase in venture capital invested per capita, 2017 to 2022: +$1,306
- Venture capital invested, 2022: $2,087 per capita ($5.1 billion total)
- STEM occupational employment: 11.5% of workforce
- College attainment rate, 2021: 52.1% of 25+ population
- Total population, 2022: 2,421,115
7. Seattle-Tacoma-Bellevue, WA
- Increase in venture capital invested per capita, 2017 to 2022: +$1,447
- Venture capital invested, 2022: $1,933 per capita ($7.8 billion total)
- STEM occupational employment: 13.3% of workforce
- College attainment rate, 2021: 46.9% of 25+ population
- Total population, 2022: 4,034,248
6. Raleigh-Cary, NC
- Increase in venture capital invested per capita, 2017 to 2022: +$1,661
- Venture capital invested, 2022: $1,812 per capita ($2.7 billion total)
- STEM occupational employment: 10.7% of workforce
- College attainment rate, 2021: 50.8% of 25+ population
- Total population, 2022: 1,484,338
5. Dover, DE
- Increase in venture capital invested per capita, 2017 to 2022: +$2,068
- Venture capital invested, 2022: $2,129 per capita ($398.0 million total)
- STEM occupational employment: 4.9% of workforce
- College attainment rate, 2021: 25.3% of 25+ population
- Total population, 2022: 186,946
4. Burlington-South Burlington, VT
- Increase in venture capital invested per capita, 2017 to 2022: +$2,213
- Venture capital invested, 2022: $2,305 per capita ($524.4 million total)
- STEM occupational employment: 8.4% of workforce
- College attainment rate, 2021: 52.8% of 25+ population
- Total population, 2022: 227,521
3. Boston-Cambridge-Quincy, MA-NH
- Increase in venture capital invested per capita, 2017 to 2022: +$2,282
- Venture capital invested, 2022: $4,288 per capita ($21.0 billion total)
- STEM occupational employment: 10.7% of workforce
- College attainment rate, 2021: 51.4% of 25+ population
- Total population, 2022: 4,900,550
2. Boulder, CO
- Increase in venture capital invested per capita, 2017 to 2022: +$3,814
- Venture capital invested, 2022: $4,892 per capita ($1.6 billion total)
- STEM occupational employment: 18.4% of workforce
- College attainment rate, 2021: 63.2% of 25+ population
- Total population, 2022: 327,468
1. Carson City, NV
- Increase in venture capital invested per capita, 2017 to 2022: +$4,871
- Venture capital invested, 2022: $4,926 per capita ($286.4 million total)
- STEM occupational employment: 7.5% of workforce
- College attainment rate, 2021: 24.0% of 25+ population
- Total population, 2022: 58,130
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