Tech Leaders Bullish on Expansion Amidst Global Mega Trends; Talent Cited for Locating in Mass., Yet Hiring Challenges Remain
BURLINGTON, Mass., Nov. 14, 2017 (GLOBE NEWSWIRE) Mass Technology Leadership Council (MassTLC) will release two reports on the Massachusetts tech economy on November 17th at its annual TRANSFORM conference, a forward-looking gathering of tech, policy and academic leaders. The first is the Councils annual State of the Tech Economy report, entitled, Tech Industry Transformation: Platform Ecosystems, Economic Models, and The Future of Work, benchmarking the states tech economy and highlighting key trends. The second report is a new bi-annual opinion survey of senior technology decision-makers entitled, the Massachusetts Tech Pulse Index, Insights from Industry Leaders.
The State of the Tech Economy report, developed with research partner UMass Donahue Institute, confirms the high-tech sectors position as one of the strongest economic engines in the state. With close to 10,000 new tech jobs added in the past year, the sector today directly employs over 300,000 with close to 100,000 additionally employed in tech occupations in other sectors of the economy. Combined with the resulting support jobs, tech underpins 34% of all jobs and 44% of payroll in MA.
The State of the Tech Economy report provides technology executives and policymakers insights into macro trends including population demographics, labor markets, technology innovation/adoption, government policies, the rise of platform ecosystems and the future of work, as they relate to the changing tech sector landscape and the implications for corporate strategy, policy leadership, and our regional economy.
The Massachusetts Tech Pulse Index, developed with research partner UMass Dartmouth Public Policy Center, reveals confidence amongst sector leaders about future growth with 66% reporting that the next 12 months would be a good time for expansion in the state (compared with 7% who did not). It highlights key economic drivers, with a talented workforce being the number one reason companies choose to locate in Massachusetts and difficulty in hiring being the number one challenge they face once they are here. Higher education system, innovation ecosystem and quality of life also received high marks as advantages of doing business in Massachusetts.
Taken together, these reports highlight talent as a key growth driver and its constraint as a major challenge to future growth. The Council, once again, highlights the low participation of women, minorities and international talent in the tech economy and underscores the imperative that both public and private sector leaders more aggressively address this shortcoming on both a company and systemic level in order to improve equity, performance and available talent pool.<
We have been working with MassTLC for several years to research and analyze key economic trends in what has become a foremost tech sector benchmarking report, said UMass Donahue Institute Director of Economic & Public Policy Research Mark Melnik. Our analysis and methodology add weight and credibility to the tech insights and narrative presented in the report.
The Massachusetts technology sector is a key economic engine for the Commonwealth, noted Professor Michael Goodman, Executive Director of the Public Policy Center at UMass Dartmouth. Our research with MassTLC provides the Commonwealths business leaders and policymakers with valuable evidence and actionable information they can use to take the steps necessary to ensure that the technology sector and the broader Massachusetts innovation economy continues to be among the most competitive in the world.
MassTLC collaborates with the states flagship policy and research organizations at UMass as well as our member executives and national partner, CompTIA, to provide the most comprehensive understanding of the tech economy in Massachusetts, said MassTLC CEO Tom Hopcroft. Taken together, these reports provide tech leaders and lawmakers with an unparalleled view into the trends and economic drivers that can propel or inhibit the growth of tech companies and our economy.
These reports are free for MassTLC members, press and policy-makers, and are available for download/purchase at www.masstlc.org.
About the Mass Technology Leadership Council, Inc.
The Mass Technology Leadership Council (MassTLC) is the regions leading technology association and the premier network for tech executives, entrepreneurs, investors and policy leaders. Representing more than half of the people working in the Massachusetts tech sector, MassTLC is the voice for tech in Massachusetts. MassTLC drives progress by connecting people from across the innovation ecosystem, providing access to industry-leading content and ideas, and offering a platform for collective impact. More at www.masstlc.org.