Austin Tech salaries are rising faster than Silicon Valley.

Local tech wages are giving Silicon Valley a run for its money.

The big picture: The Read State Tech Salary Report ranked Austin as the fifth-highest local tech salary market this year, trailing only the San Francisco Bay Area, Seattle, New York and Boston.

• The average tech salary in the Austin area is $157,612, compared to $174,063 in the Bay Area.
• Austin is the second highest average wage market in 2022 when adjusted for cost of living.

What they say:Many tech workers may be attracted to the prospect of seeing their wages expand in Austin — especially during high inflation — than in higher-cost regions, Recruit CEO Josh Brenner told Axios.

Game Mode: Many workers are leaving their traditional tech hubs for smaller cities, and hiring data reflects that shift.

• Cities like Dallas-Fort Worth, Denver and Philadelphia saw the biggest increases in average local wages.
• Although Austin’s wage growth hasn’t increased as quickly, Brenner said wages here are more competitive than in those markets.

Yes, but: To attract top tech talent, Austin tech companies need to look beyond salaries, Brenner said.

• Prioritizing remote and flexible work remains the most important benefit for employees, according to a hiring survey of more than 2,000 candidates.
• Companies should revisit benefits such as 401k matching and health insurance and prioritize diversity and inclusion efforts: “Regardless of market conditions, employers must continue to make strides to support diverse work environments (diversity, equality and inclusion) and attract top talent,” Brenner added. .

Note: Software engineers and technical program managers are among our city’s highest-paid technology professionals, according to an October analysis.