Economic Impact Report Detailing Growth of Arizona’s Technology Sector Released by Arizona Technology Council
Arizona Technology Wages are at 20 Percent Higher the National Average and Venture Capital Investments Doubled from 2017 to 2018
PHOENIX–(BUSINESS WIRE)–To keep its constituents up-to-date on the advances in Arizona’s technology community, the Arizona Technology Council today announced the latest update of the 2019 Quarterly Arizona Technology Council Industry Impact Report. The report reveals an increase in technology career wages, number of jobs, venture capital, new technology companies/startups, and Small Business Innovation Research (SBIR) awards.
The quarterly report is conducted 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.
“Our new eImpact report shows tremendous growth in our state’s technology sector from the time when it was introduced in June 2018,” said Steven G. Zylstra, the Council’s president and CEO. “We commissioned the report to provide frequent updates on the economic payoff of our initiatives and gain comprehensive data on where we should be devoting resources. Seeing the growth metrics of Arizona’s technology sector over the last year has been rewarding validation of the efforts of Arizona’s entire business ecosystem.”
Arizona’s technology community has seen a 5.2 percent wage growth during the past year, giving Arizona 20 percent higher technology wages than the national average. A 2.9 percent job growth also occurred during the same period, ranking Arizona second for employment growth in the Southwest. Additionally, venture capital investment in Arizona went from under $300 million in 2017 to $539 million in 2018.
Highlights of the report also include:
- The Arizona technology community created 177,528 jobs during the past year.
- Arizona technology companies contributed $34.5 million in total taxes.
- There was a 16 percent growth in startups and technology companies listed in Arizona.
- There are 2,561 startups in Arizona listed on AngelList and an average valuation of $3.7 million.
- SBIR awards in the state nearly doubled, from $19 million to $37 million.
The Council advocates on behalf of its membership for policies that propel success and sustainability. Recent initiatives have contributed significantly to the state’s pro-technology business climate, including the signing of SB 1085 to provide better healthcare options for small business and startups, recapitalization of the Angel Investment Tax Credit, the extension and continued expansion of the R&D Tax Credit program until 2021, and legislation that improves STEM education and increased pay for educators.
The Arizona Technology Report is based on eImpact’s analysis of data from the U.S. Bureau of Labor Statistics, CompTIA, AngelList and others. The complete report is available on the Council’s website here.
About the 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.
Steven G. Zylstra
Arizona Technology Council
This article published with permission from Business Wire