The average venture capital investment per person in all U.S. metro areas is approximately $1,800, as per data analyzed by Heartland Forward, a think tank that examined data from 2019 to 2021.

Numerous Mountain West cities rank in the top 20 and are above the national average. This comprises the following: fifth-ranked Carson City ($9,734) and 18th-ranked Reno-Sparks ($2,531) in Nevada; third-ranked Boulder ($13,171) and 19th-ranked Denver ($2,344) in Colorado; and 14th-ranked Salt Lake City ($3,872) and 17th-ranked Provo-Orem ($3,304) in Utah.

Sante Fe has the highest investment per person in New Mexico ($1,477). It’s in Cheyenne, Wyoming, and costs $648.

According to study co-author Richard Florida, a professor at the University of Toronto and Rotman School of Management, there are several reasons why tech startups are drawn to the Mountain West.

“It’s really leveraging the great universities and scientific capability that’s in the region,” Florida said. “It has fantastic outdoor activity. Tech talent, creative talent, knowledge workers love urban amenities and they love restaurants and cafes, but they love outdoor amenities.”

According to Florida, other major draws include the low cost of living in the Mountain West states relative to the tech hubs on the coasts, as well as the low startup and operating costs for businesses.

As long as there is sufficient land, water, and housing for everyone, he anticipates that tech investment in the area will only increase.