Quick….what sector has generated more Vermont jobs and wages in the past decade? Is it the food industry that produces great ice cream, cheese, coffee, beer and maple syrup? Is it tourism and recreation? How about higher education?
The answer is Technology.
Every owner or manager of a thriving business needs to pay attention to the expansion of technical functions throughout all industries. CFOs should budget for higher compensation packages for employees with these valuable technical skills. The Vermont Technology Alliance (a non-profit business association) along with the Vermont Department of Labor held an event yesterday to release an important new study about the impact of technology jobs in Vermont.
Here are some of the headlines from this report:
Tech jobs power Vermont’s economy
Tech jobs generate 40% of all Vermont wages ($5.6 billion in wages)
About 25% of all Vermont jobs are now technical
The data breakdown
83% of the tech jobs are in technology industries
13% of the tech jobs are in non-tech industries
4% of tech jobs are self-employed
How much techs earn
Average annual tech wages are $72,732 (overall wages are $44,540)
Tech jobs pay 63.3% more than the annual state average
How tech is growing
Tech employment in the last decade grew by 8.3% or .9% per year
Overall Vermont jobs only grew by 1.2% or .1% per year
Vermont has added 7,879 tech-based jobs in the last decade
Each tech job adds between 0.7 to 2.1 additional jobs in the area
VTTA’s recommended action items:
- Vermont’s brand image must evolve to include both our natural environment and innovative technology
- Address infrastructure challenges including broadband internet, cell phone coverage and more affordable housing
- Expand financing support for tech entrepreneurs
- Take new approaches to workforce development
- Re-examine and modify existing laws to support tech growth
The best single opportunity Vermont has to create a better economy– one that is both vital and clean/green–is to grow the Vermont technology sector. It’s time to put serious effort into developing this essential part of Vermont business that generates high paying jobs with outstanding career opportunities for the young and old rural and urban men and women who want to continue to call Vermont home.
To get your copy of this insightful report fill out the contact form.