IT is the Economy...

As a presidential election creeps closer, it's always a good idea to step back and take a look at the big picture impact of the technology industry on jobs and the economy.  Here are some stats on the impact of IT on both the United States and California, as provided by the AeA's 2007 CyberStates report and the Information Technology & Innovation Foundation's recent Digital Prosperity report.

From ITIF:
- IT has been responsible for nearly all of the economic growth over the last decade, adding $2 trillion annually to the U.S. economy

- IT was responsibily for two-thirds of total factor growth in productivity between 1995 and 2002 and virtually all of the growth in labor productivity during the same time period

- IT is responsible for increasing the U.S. Labor productivity rate from 1.46 percent per year (1973-1995) to 2.91 percent (1996-2006)

From AeA:
- The IT industry has significantly boosted U.S. total economic output, by creating jobs, and paying 84 percent above the U.S. average wage

- The U.S. tech industry employed 5.8 million people last year

- CA high-tech wages now average over 100 percent above the state's average private sector wage

- California's high-tech industry currently amounts to 920,000 jobs

- Venture capital investments in California increased to $12.2 billion in 2005, which accounts for 48 percent of all venture capital in the country

- High-tech exports from California amounted to $47.8 billion in 2005

- Research and Development (R&D) investments for California in 2005 totaled $59.7 billion

Here was AP's and the San Francisco Chronicle's stories on the AeA report.

Comments

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