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The average tech salary in 2022 was $111,348, an increase of 2.3% over 2021, according to the Dice Tech Salary Report. Still, almost half (49%) of tech workers believe they are underpaid relative to their peers, and 52% plan to look for a new job this year.

The average tech salary is highest in the tech hubs of Silicon Valley ($144,962), Boston ($130,399), and Seattle ($129,456). But salary growth was highest in cities not typically considered top tech hubs, including Phoenix (+26.2%), Tampa (+19%), and Columbus (+15.7%).

While high-profile layoffs at software companies have dominated the news, there has been a silver lining for other industries – access to tech workers. Tech salaries have grown in these other industries as they compete for newly available talent. The hospitality/travel, consumer products, and manufacturing industries saw the highest growth in average tech salaries, at 19%, 14%, and 12%, respectively. On the other end of the scale, retail/eCommerce and marketing/advertising both saw nearly 10% drops in tech salaries.

Despite the growth, 30% of tech workers are dissatisfied with their compensation. When asked what would increase their engagement at work, higher compensation (76%) was the top factor by far, followed very distantly by improved health or retirement benefits (26%).

Read the full report for more information about the current state of tech compensation.