Engine Advocacy and the Bay Area Council Economic Institute have released a report that details key findings on how technology sector jobs impact the overall U.S. economy. The report, "Technology Works: High-Tech Employment and Wages in the United States," says that since 2004, tech employment growth has outpaced the performance of the private sector by a ratio of three to one, and tech jobs have been more resistant to fluctuations in the economy.
From 2002 to 2011, job growth was faster in science, technology, engineering and mathematics (STEM) fields than in all other occupations by a ratio of 27 to one. The high demand is expected to continue through 2020 and possibly beyond, with high-tech employment projected to continue to lead other sectors in growth.
The report says high-tech and STEM jobs paid 17 percent to 27 percent more than other jobs. The report also notes that tech jobs are key to regional economic development. "The creation of one job in the high-tech sector of a region is associated with the creation of 4.3 additional jobs in the local goods and services economy of the same region in the long run," the report says.
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