[REPORT] Minnesota Tech Industry Employment Only Grew By 2% Last Year

sourced

Via News Release

“SAINT PAUL, Minn., March 26, 2019 /PRNewswire/ — Technology-related employment in Minnesota grew by more than 4,800 new jobs in 2018 and the tech sector increased its contribution to the state’s economy, according to Cyberstates 2019™, the definitive guide to national, state and metropolitan area tech sector and tech workforce analytics published annually by CompTIA, the leading technology industry association.”

Net tech employment grew by an estimated 4,856 jobs in 2018, a 2 percent increase over 2017. Since 2010 net tech employment has grown by more than 37,300 new jobs. With nearly 251,000 workers, tech accounts for approximately 8.2 percent of the Minnesota workforce.

The tech sector has an estimated direct economic impact of $31.1 billion, or about 9.3 percent of Minnesota’s total economy.

“Clearly the broad-based impact of the tech industry touches virtually every community, industry and market across Minnesota, especially when you consider the thousands of knowledge workers who rely on technology to do their jobs,” said Todd Thibodeaux, president and CEO, CompTIA.

The outlook for future employment growth remains positive. Minnesota saw a 73 percent increase in the number of job postings related to emerging technologies, such as the Internet of Things, smart cities, drones, artificial intelligence, virtual and augmented reality and blockchain.

Cyberstates projects the base of tech occupation employment – a subset of net tech employment will grow by 2.3 percent in Minnesota by 2026. Retirements will add even more pressure to meet the need for tech talent.

“The findings attest to a tech labor market that will remain tight as employers balance short-term needs with an eye towards the future,” said Tim Herbert, senior vice president for research and market intelligence at CompTIA. “As digital-human models begin to unfold, employers and employees alike will face new challenges – and opportunities, in shaping the workforce of tomorrow.”

More from Cyberstates

  • Minnesota ranks 17th nationwide in net tech employment; 18th in net tech jobs added last year; and 22nd in the Cyberstates Innovation Score, based on venture capital investments, tech startups and new business formations and other factors.
  • Tech occupations with year over year growth in Minnesota included computer system and cybersecurity analysts (+3.2 percent); software and web developers (+3 percent); and network architects, administrators and support specialists (+1.2 percent).
  • The median tech occupation wage in Minnesota is $79,924. That’s 75 percent higher than the median wage for all occupations in the state.

Cyberstates 2019 (#cyberstates) is based on CompTIA’s analysis of data from the U.S. Bureau of Labor Statistics, the U.S. Bureau of Economic Analysis, EMSI, Burning Glass Technologies Labor Insights, and other sources. Estimates for 2018 are subject to change as government data is revised and updated. The full report, with complete national, state and metropolitan level data, is available at https://www.cyberstates.org/.

About CompTIA
The Computing Technology Industry Association (CompTIA) is a leading voice and advocate for the $5 trillion global information technology ecosystem; and the more than 50 million industry and tech professionals who design, implement, manage, and safeguard the technology that powers the world’s economy. Through education, training, certifications, advocacy, philanthropy, and market research, CompTIA is the hub for advancing the tech industry and its workforce. To learn more visit https://www.comptia.org/.

Comments

  • http://tech.mn Jeff Pesek

    I have researched the research in the past. I would encourage anyone who really cares about the topic(s) to understand the methodology strengths and weaknesses esp. around “startups” and “investment” (hint: they don’t track most of it).

Sponsors