Quantcast
Channel: Vermont Technology Alliance – VTDigger
Viewing all articles
Browse latest Browse all 33

Jeff Couture: Tech jobs represent an economic growth opportunity

0
0

Editor’s note: This commentary is by Jeff Couture, executive director of the Vermont Technology Alliance, a nonprofit business association focused on supporting, promoting and growing tech businesses and tech jobs in Vermont.

News this spring that Vermont’s personal income tax returns were more than $16 million less than expected – putting the state’s general fund behind target – once again points to the need for more and better paying jobs to bolster the state’s economy.

It’s simple: When more Vermonters are working with good paying jobs, they earn incomes that generate taxes to enable the state to deliver programs and services.
Everyone wants this; but how do we do it? How can we create good paying jobs across the state? The answer – perhaps surprising to some – is tech.

A new report from the Vermont Technology Alliance, “Vermont’s Tech Employment – The Hidden Driver of Our Economic Growth,” shows that tech-based jobs provide significant benefit to Vermont’s economy and represent the state’s best economic growth opportunity.

The report, drawn on research conducted by the Vermont Department of Labor, defines tech jobs as those that fall under the acronym of STEM – for science, technology, engineering and mathematics – and looks at both tech and non-tech jobs created by Vermont’s tech businesses, and tech jobs in non-tech businesses.

Tech may not be the first to come to mind when you think about Vermont, but the impact of tech jobs is pervasive and positive – which is good news for the state and its future.

• Tech jobs make up 25 percent of all Vermont employment, or more than 77,000 jobs. More Vermonters have jobs in tech occupations and in tech industries than in any other business sector.
• These tech jobs represent 40 percent of all Vermont wages, generating an estimated $5.6 billion in annual pay.
• While some industries struggle to pay a “living wage,” workers in tech occupations and tech industries earn 63 percent more than the Vermont average. Vermont’s average annual wage is $44,540 – a Vermont tech job pays an average annual wage of $72,732. This means these jobs generate more income taxes and more disposable income to support other business sectors, including agriculture, food products and artisan crafts.
• This tech pay premium is estimated to generate an additional $280 million for Vermont’s economy each year, supporting 4,600 other jobs.

The Vermont Technology Alliance believes that tech is the best answer to develop the economy that Vermonters want – one that is clean and green, with fiscal security, good-paying jobs and career opportunities for our youth.

• Tech jobs are growing: up 8.3 percent over the past 10 years compared to the state’s average employment growth of 1.2 percent. • They are projected to expand at a 7.5 percent annual rate from 2014 to 2022, the fastest growing employment sector in Vermont.
• Each tech job creates up to two additional jobs in the Vermont economy.

The report lists five public policy recommendations to support the growth of Vermont’s tech ecosystem:

• Evolve Vermont’s brand to include its innovative technology culture to attract tech businesses and workers.
• Address infrastructure needs, particularly availability of broadband, cell phone coverage and affordable housing.
• Expand the support ecosystem for entrepreneurs, including business financing.
• Support the workforce needs of tech, including aligning educational institutions with the state’s tech employers.
Examine existing laws and modify them to ensure they support tech growth.

The Vermont Technology Alliance produced the report to draw attention to tech’s contributions to Vermont’s current economy and the growth potential it represents for Vermont’s future. Vermont businesses have hundreds of high-paying tech positions they need to fill this year. For example, the vtTA has more than 250 open tech and non-tech positions from its members listed in the Career Center on its website. Given that there are more jobs than workers in Vermont to fill them, the alliance is developing actions to help attract workers to the state for tech careers, including Vermonters who have left and may want to return.

The Vermont Technology Alliance believes that tech is the best answer to develop the economy that Vermonters want – one that is clean and green, with fiscal security, good-paying jobs and career opportunities for our youth. With the right effort and support, Vermont can be the preferred destination for tech businesses, tech workers and telecommuters. It’s a statewide opportunity worth pursuing.

Read the story on VTDigger here: Jeff Couture: Tech jobs represent an economic growth opportunity.


Viewing all articles
Browse latest Browse all 33

Latest Images

Trending Articles





Latest Images