19 Mar Is the Massachusetts tech industry growing fast enough?
Earlier this year, the Massachusetts economy was named one of the most technology-heavy in the entire country. The workforce in Massachusetts relies on technology each and every day, which has improved productivity and the number of people who are proficient with different aspects of the IT world. But is the tech sector of the economy in Massachusetts growing fast enough?
Five years ago, industry group Mass Technology Leadership Council set a goal of there being 100,000 new technology jobs created in Massachusetts by the year 2020. Massachusetts is generally on track to meet this goal, though there are a few issues that experts have noted in recent months. The biggest one being that there are more available jobs than there are qualified people.
According to a report released by the group late last week, for every recent graduate that is qualified to hold a tech job, there are 17 open positions available. Between 2010 and 2013, Massachusetts technology companies created just under 18,000 new jobs, which fell short of the set goal of about 26,000 for that time period. By the end of 2013, the Bay State had 214,000 tech jobs, up from 197,000 when the goals were initially set.
According to the report, the best way to deal with this talent crunch is to create programs and initiatives that will develop, attract and retain talent. The tech industry is a major part of the Massachusetts economy, comprising of 20 percent of the overall workforce and contributing $93 billion in economic value to the state, $7 billion of which is through state and local taxes.
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