Utah Technology Council (UTC) Notes Utah's Technology Industry Growth
Posted on: Wednesday, 10 May 2006, 15:04 CDT
SALT LAKE CITY, May 10 /PRNewswire/ -- In one of its first steps as a combined organization, the Utah Technology Council (UTC) today released new data on Utah's technology industry growth.
The former Utah Information Technology Association (UITA) and the former Utah Life Science Association (ULSA) merged in April 2006 to become the Utah Technology Council. Today the new organization discussed the current growth and status of Utah's technology market and shared perspective on Utah's position in the national market.
In interviews with leading Utah publications, Council leaders Richard R. Nelson, president and CEO, and Will West, incoming chairman and president and CEO of Control4, noted that Utah's combined technology industry is growing steadily, and is well ahead of national averages.
Using data from the Utah Department of Workforce Services and the U.S. Bureau of Labor Statistics for a set of 50 NAICS (Northern American Industry Classification System) codes defined by UTC as the technology industry, Nelson and West noted the following:
* There are currently more than 3,700 Information Technology and Life Science companies in Utah, comprising nearly 60,000 high-paying jobs. * The average technology salary is 66 percent higher than the statewide average annual nonagricultural wage. * Combined, these industries generate $3.1 billion in annual Utah wages.
Overall, Utah's technology industry grew by 7.3 percent from 2004 to 2005. The greatest one-year growth occurred for Software Publishers (a 15.6 percent increase in the number of companies); Data Processing, Hosting and Related Services (a 17.9 percent increase); and Medicinal and Botanical Manufacturing (an increase of 14.8 percent).
To compare this data with industry growth nationwide, UTC used data from the U.S. Department of Labor, Bureau of Labor Statistics. From 2003 to 2004, Utah's number of technology establishments grew 8.54 percent, while the U.S. total decreased by 1.01 percent for the same period (based on most current comparable data available). Utah showed a much higher industry and employment growth rate than its neighboring states, including the technologically-robust Colorado, Arizona, California, Oregon, and Washington.
Using population data from the U.S. Census Bureau, the Council also identified how Utah's technology industry compares per capita. This data is even more compelling: Utah is 32.5 percent higher than the U.S. total for technology establishments per capita and 38.5 percent higher than the U.S. total in technology industry employment per capita. Of the six Western states, UTC examined in detail (Arizona, California, Colorado, Oregon, Utah and Washington), only Colorado ranked higher than Utah in these two per capita scores.
"Utah's technology industry is clearly growing," said Nelson. "Even more exciting is that our growth has been significantly surpassing the rate of technology industry growth in the U.S. as a whole. Utah is rapidly advancing its prevalence and presence on a national scale."
"As Utah's premier technology association, the Utah Technology Council is pleased to serve as the voice of this critical industry," West added. "Our technology industry is essential to Utah's tax base. Our purpose is to represent and serve this industry, and to help Utah companies attract and retain the executive talent they need in order for our technology industry to continue to thrive."
The organization has been essential in supporting state legislation to advance the technology industry. Nelson noted that UTC played a significant role in 12 legislative issues in the recent legislative session, in particular, the successful passage of the USTAR Economic Development Initiative, which is predicted to bring hundreds of new companies with over 100,000 new jobs to Utah in the future.
About UTC
As the premier professional organization for Utah's 3,700-plus technology companies, the Utah Technology Council exists to form closer relationships with industry and community leaders, develop superior management talent, sharpen professional skills and help gain access to capital. For more information on UTC, please visit http://www.utahtechcouncil.org/.
Utah Technology Council
CONTACT: Cheryl Snapp Conner or Roxanne Truesdell, both of Snapp NorrisGroup, +1-801-208-1100, for UTC; or Richard Nelson or Judy Young, both of UTC,+1-801-568-3500
Web site: http://www.utahtechcouncil.org/
Source: PRNewswire
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