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techsuch May 9, 2021 0 Comments

Utah’s tech industry employment increases at more than twice the U.S. rateThe Kem C. Gardner Policy Institute today released preliminary results of afirst-of-its-kind economic study of Utah’s tech and innovation economy. Theresearch, which was shared today on Utah’s Capitol Hill, shows Utah’s techeconomy supports one in seven Utah jobs, pays annual compensation 75 percenthigher than other industries, and has increased employment at more than twicethe national rate over the past decade.“Utah’s tech companies compete on a big stage when it comes to software, ITservices, devices, and e-commerce,” said Levi Pace, senior research analyst atthe Gardner Policy Institute and lead researcher on the pathbreaking study.“From startups to billion-dollar valuations, Silicon Slopes’ companies connectUtah to the global innovation economy and are a key component of Utah’s recenteconomic success.”Highlights from the research include the following: * Utah and U.S. job growth – Job growth in Utah’s tech industry averaged 3.6 percent a year from 2007 to 2017, more than double employment growth in the tech industry nationwide. * Economic impact – Total economic impacts during 2017 exceeded 302,000 jobs at companies that paid $20.1 billion in earnings and generated $29.9 billion in GDP. * Spending – In-state spending by tech companies and workers supported nearly 186,000 Utah jobs outside the tech industry. * Jobs and GDP – Tech companies in Utah directly and indirectly supported more than one in seven Utah jobs (15.2 percent) and over one-sixth of state GDP (17.6 percent). * Compensation – Average annual compensation was $102,000 in the tech industry, 75 percent higher than the $58,400 per job in other industries.The study was released as part of the Utah Governor’s Office of EconomicDevelopment’s “Tech Day on the Hill.” The Utah Legislature funded the researchso decision-makers could better understand the contributions of this importantindustry.Three Utah trade associations—Silicon Slopes, Utah Technology Council, andWomen Tech Council—as well as the Utah Governor’s Office of EconomicDevelopment, Utah Department of Workforce Services, and EDCUtah contributed tothe study’s methodology, data collection and preliminary findings. A morecomprehensive report will be released in July 2019 once company data isavailable for 2018.The new research brief and accompanying industry snapshot are now available.ABOUT THE GARDNER POLICY INSTITUTEThe Kem C. Gardner Policy Institute serves Utah by preparing economic,demographic and public policy research that helps the state prosper. We areUtah’s demographic experts, leaders on the Utah economy, and specialists onpublic policy and survey research. We are an honest broker of INFORMEDRESEARCH, which guides INFORMED DISCUSSIONS, and leads to INFORMED DECISIONS™.For more information, please visit gardner.utah.edu or call 801-587-3717.ABOUT THE DAVID ECCLES SCHOOL OF BUSINESSThe Eccles School is synonymous with ‘doing.’ The Eccles experience provides aworld-class business education with a unique, entrepreneurial focus on real-world scenarios where students put what they learn into practice long beforegraduation. Founded in 1917 and educating more than 6,000 students annually,the University of Utah David Eccles School of Business offers nineundergraduate majors, four MBAs, eight other graduate programs, a Ph.D. inseven areas and executive education curricula. The School is also home to 12institutes, centers, and initiatives, which deliver academic research andsupport an ecosystem of entrepreneurship and innovation. For more information,visit Eccles.Utah.edu or call 801-581-7676.

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