Mexico City has become Latin America’s largest tech talent market, surpassing São Paulo, according to CBRE’s annual report. The city now boasts 300,000 tech professionals, compared to São Paulo’s 240,227. The report, which ranks tech markets based on job growth, salary trends, and tech degree completions, highlighted Mexico City’s strong growth driven by affordable labor and real estate costs.
Yazmín Ramírez, Senior Director of Labor Analytics at CBRE Latam, noted that the city’s growing pool of tech graduates and competitive costs continue to attract manufacturers and engineering firms, bringing operations back to Latin America. In 2023, Mexico City produced 24,050 tech graduates, leading the region.
“The relevance of Latin America as a talent source in the Americas has expanded due to its proximity to the United States and Canada, the growing pool of tech talent, the cost-benefit ratio, the time zone, infrastructure, and tax benefits,” said the executive. “As a result, the region is now considered a well-established location that hosts a significant number of multinational tech companies,” she added.
Other Mexican states, including Jalisco, known as Mexico’s Silicon Valley, Nuevo León, Querétaro, and Puebla, are also contributing to the country’s burgeoning tech ecosystem. These regions specialize in various tech sectors such as electronics, software development, IT outsourcing, AI/robotics, aerospace, and IoT.
The report also emphasized a 42% growth in tech salaries in Mexico City over the past five years, outpacing both Latin America and the U.S. Additionally, software developer salaries increased by 32% since 2018, reaching $47,938.
Mexico City’s rise as Latin America’s largest tech talent market underscores its growing importance as a hub for innovation and business. With a steady increase in tech graduates and competitive salary growth, the city is well-positioned to attract more companies and investment in the coming years. As other regions in Mexico also contribute to the country’s tech expansion, Mexico is solidifying its position as a leader in the global tech industry.