The State of the MA Tech Economy Is Strong – 2020 Economic Outlook & Business Imperatives
An annual report from Mass Technology Leadership Council (MassTLC), the "2020 State of Technology Economy", was released today. THe report is a snapshot of the current state of the tech sector in the Commonwealth and its influence on the state's economy. UMass Donahue Institute's Economic & Publc Policy Research group provided analyses of tech sector employment trends and other factors affecting the economic impact of this sector in Massachusetts.
Excerpted from the report:
The tech sector continues to be a strong driver of the Massachusetts economy. When considering tech sector jobs, tech occupation jobs, and the indirect and induced jobs2 that support them, tech in Massachusetts underpins 35% of all jobs in the Commonwealth, 37% of the gross state product (GSP), and 46% of payroll, contributing 17% of the revenue that makes up the state’s overall budget. Among peer technology states nationwide, Massachusetts boasts the most concentrated tech sector. Massachusetts also ranks 3rd across all peer states in terms of tech as a percent of total GSP.3 GSP includes only the value-added amount of the innovation that has been produced in Massachusetts and does not include any inputs purchased or developed outside of the state.
Go to the MassTLC website to download the full report. On this website, you can also watch a video presentation including Dr. Melnik's slides as well as read a summary article.