Technology Industry Impact Report Released by the Arizona Technology Council Reveals Steady Employment Growth and Total Wages of More Than $20 Billion
Report Also Indicates 76% of Arizona’s Technology Industry Supply Chain Purchases are Sourced In-Region
Phoenix, AZ (PRUnderground) June 2nd, 2020
To keep its constituents informed on the progress of Arizona’s technology community, the Arizona Technology Council today released its latest quarterly Arizona Technology Industry Impact Report. Among other positive news, the data from the Q1 2020 report revealed a steady 3.45% growth in technology sector employment. A new Supply Chain Gap Analysis also revealed 76% of Arizona’s technology industry supply chain purchases — a $4.5 billion value — are sourced in-region.
“Our Q1 2020 industry report shows that Arizona’s technology industry continues to grow steadily,” said Steven G. Zylstra, the Council’s president and CEO. “While we do anticipate a downturn due to the disruptions caused by the COVID-19 pandemic, our technology sector has become well-diversified, which will allow us to recover quickly.”
One of the most encouraging findings in the Q1 2020 report is that 29% of science, technology, engineering and math (STEM) graduates are staying in Arizona to work. This is attributed to:
- 9,563 technology companies operating in Arizona
- More than 197,000 total technology jobs
- A 5.42% rise in technology wages over the past year
- Average annual industry wages of $86,303 — 1.1 times the national average
Additional findings of the Q1 2020 report include:
- The Arizona technology industry had a 3.74% job growth over the past year.
- Total technology wages reached $20,901,050,235.
- Arizona boasted two of its strongest years for venture capital investment — $944 million in 2018 and $864 million in 2019.
- The state received $38,035,671 in total tax contributions from Arizona technology firms.
About the Quarterly Industry Impact Report
The Council offers its quarterly Technology Industry Impact Report to provide its members, partners, leadership and the community at-large with an update on economic development related to the state’s technology sector. The report gathers data related to the industry’s progress, including job creation, risk capital, research and development investment, tax contributions, startup growth technology postings by top cities, and technology employment by gender and race. The report also features a new Supply Chain Gap Analysis on Arizona technology companies’ in-region, imported and total supply chain purchases.
On the Council’s behalf, the quarterly report is compiled by eImpact, an organization that creates web-based, data-reporting solutions designed to help cities, industries and planners drive effective policy, create new growth and engage stakeholders. The report is based on eImpact’s analysis of data from the U.S. Bureau of Labor Statistics, CompTIA, AngelList and others.
Download or view the complete report on the Arizona Technology Council website here.
About Arizona Technology Council
The Arizona Technology Council is Arizona’s premier trade association for science and technology companies. Recognized as having a diverse professional business community, Council members work towards furthering the advancement of technology in Arizona through leadership, education, legislation and social action. The Council offers numerous events, educational forums and business conferences that bring together leaders, visionaries and community members to make an impact on the technology industry. These interactions contribute to the Council’s culture of growing member businesses and transforming technology in Arizona. To become a member or to learn more about the Arizona Technology Council, please visit www.aztechcouncil.org.