High-Tech Jobs On The Rise
High-Tech Sector More Resilient During Recession And Recovery
Looking for a sector to target for 2013? Job growth in the technology sector is outpacing employment increases in the rest of the economy. That's according to a recently-released study, which revealed that since the dot-com bust hit bottom in 2004, employment in the high-tech sector has risen three times faster than the private sector as a whole. The tech sector has also proved more resilient during the recession and recovery, the study showed.
Commissioned by the tech start-up lobbyist Engine Advoacy and conducted by the Bay Area Council Economic Institute, the report found that the high-tech job expansion was experienced across the nation, not just in technology hot spots like Silicon Valley. While 98% of U.S. counties had at least one high-tech business in 2011, the Greensboro-High Point area in Guilford County, NC, had the most rapid high-tech job growth – 36%. Meanwhile, Delaware posted 13% high-tech job growth since 2004, making it the state with the greatest technology-related employment rise.
Thanks in part to wages that are 17%-27% higher than peers in other fields, each high-tech job creates 4.3 positions in the wider community, the report says. By comparison, the average manufacturing job creates 1.4 jobs in the broader community. Going forward, demand for high-tech jobs is expected to be stronger than demand for jobs across the American economy through at least 2020. High-tech industries are projected to grow by 16.2% over the nine-year period, compared to 13.1% for the rest of U.S.