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Industry Snapshot February 2019 Revised June 2019

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Industry Snapshot February 2019 Revised June 2019 Industry Snapshot February 2019 Revised June 2019 Utah’s Tech Industry Average Annual Job Growth, 2007 –2017 Authored by: Levi Pace, Ph.D., Senior Research Economist, Kem C. Gardner Policy Institute The tech industry develops digital platforms that enable the Average Annual Job Growth, 2007–2017 ubiquitous information economy. Tech companies provide software for many applications. They manufacture and distribute computers 4.0% and devices used by individuals and organizations. The industry 3.6% Tech Industry 3.5% also encompasses e-commerce and IT support. Other Industries This document and the companion research brief present 3.0% preliminary results of the Kem C. Gardner Policy Institute’s research 2.5% program for 2018 and 2019 on Utah’s innovation economy. We are preparing a more comprehensive report for publication in July 2019. 2.0% 1.6% 1.6% n Total economic impacts during 2017 exceeded 302,000 jobs at 1.5% companies that paid $20.1 billion in earnings and generated 0.9% $29.9 billion in GDP. 1.0% Average Change in Employment n In-state spending by tech companies and workers supported 0.5% nearly 186,000 Utah jobs outside the tech industry. 0.0% n Tech companies in Utah directly and indirectly supported Utah U.S. more than one in seven Utah jobs (15.2 percent) and over Note: Includes most tech industry employment, 91.1 percent of 2017 Utah tech jobs. one-sixth of state GDP (17.6 percent). Source: Bureau of Labor Statistics, Bureau of Economic Analysis. Tech industry job growth averaged 3.6 percent per year from 2007 to 2017, more than double employment growth in the tech industry nationwide. Employment Earnings GDP (Jobs) ($ Billions) ($ Billions) 116,000 15.2% $9.0 19.4% $12.9 17.6% 186,000 of Utah $11.1 of Utah $17.0 of Utah Employment Earnings GDP 302,000 $20.1 $29.9 n Direct economic impact n Indirect and induced economic impact n Total economic impacts Note: Employment includes full-time and part-time jobs, rounded to the nearest thousand. Earnings include employee compensation (with benefits) and income from self-employment. Gross domestic product (GDP) measures total economic activity in a region as the value added by companies. We adjusted earnings and GDP for inflation to 2018 dollars based on the U.S. consumer price index from the Bureau of Labor Statistics. Source: Kem C. Gardner Policy Institute analysis of 2017 data from the Utah Department of Workforce Services and Bureau of Economic Analysis using the REMI PI+ economic model. Kem C. Gardner Policy Institute I 411 East South Temple Street, Salt Lake City, Utah 84111 I 801-585-5618 I gardner.utah.edu Utah Tech Industry Employment and Earnings, 2017 Jobs 46,700 30,300 28,900 10,300 116,100 (40.2%) (26.1%) (24.9%) (8.8%) (100.0%) Earnings ($ Billions) $3.7 $2.8 $1.4 $1.0 $9.0 (41.6%) (31.6%) (15.9%) (11.0%) (100.0%) n IT Support n Information n Trade n Manufacturing IT support Trade n Custom computer programming n Computer and software wholesale n Computer systems design n E-Commerce wholesale n Systems management and support n E-Commerce retail n Computer training n Electronics repair and maintenance Information Manufacturing n Software n Semiconductor machinery n Telecommunications n Computer and peripheral equipment n Data processing and hosting n Instruments and devices n Internet publishing n Communications equipment n Electronic components and media Note: Totals do not match due to rounding. Employment includes full-time and part-time jobs held by company employees and self-employed workers. Source: Utah Department of Workforce Services. Background: The Utah State Legislature appropriated fiscal buyers in other states and countries. Utah would also lose in-state year 2019 funding to the Kem C. Gardner Policy Institute for a purchases of tech products and services as Utah buyers switch to pathbreaking economic study of Utah’s innovation economy. out-of-state tech companies. We use economic impact analysis The Gardner Policy Institute convened its Tech Industry Advisory to measure the cross-section of Utah’s economic activity that de- Council, with participation from three Utah trade associations— pends on the tech industry. Silicon Slopes, Utah Technology Council, and Women Tech Economic Impacts: Total economic impacts include direct, Council—as well as the Utah Governor’s Office of Economic indirect, and induced effects. Direct economic impacts are from Development and Economic Development Corporation of Utah. companies within Utah’s tech industry. Indirect economic impacts Research Overview: With input from advisory council members, are from in-state suppliers to tech industry companies. Induced the Gardner Policy Institute reviewed best practices for identifying economic impacts result from in-state personal spending by Utah tech companies. We analyzed detailed employment and workers who earn income from tech companies or their suppliers. earnings data for the state's tech industry. Our tailored economic Most induced activity supports companies that are neither tech model measured economic activity in other industries resulting companies nor their suppliers. from spending by tech companies and workers. This study addresses the question, "What would Utah's econ- omy look like without its tech industry?” The state would lose outside money flowing into it from sales by tech companies to INFORMED DECISIONSTM 2 gardner.utah.edu Average Annual Earnings per Worker Average Earnings per Job in Utah, 2017 $80,000 Average$70,000 Annual Earnings per Worker $60,000 $50,000 $80,000 $40,000 $70,000 $77,200 $30,000 $60,000 $20,000 $50,600 $50,000 $10,000 $40,000 $0 $77,200 $30,000 Tech Industry Other Industries $20,000 Note: Earnings include employee compensation (with benefits) and income from self-employment. $50,600 Source: Utah Department of Workforce Services and Bureau of Labor Statistics $10,000 $0 Average earningsTech Industry were Other WithIndustries over Utah $77,200Employment Compared to Selected Industries 116,000 per job in the tech industry, 53 percent higher Utah jobs, the tech industry was similar to the real Financethan in and other insurance industries. estate industry in terms of employment.132,500 Accommodation and food services 127,300 Utah EmploymentLocal Com governmentpared to Selected Industries 126,100 Utah Tech Employment Compared with Selected Industries, 2017 Construction 125,700 Finance and insurance 132,500 Tech 116,100 Accommodation and food services 127,300 Real estate 112,500 Local government 126,100 Administrative and support services 112,000 Construction 125,700 Other services 102,000 Tech 116,100 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 Real estate 112,500 Jobs Administrative and support services 112,000 Other services 102,000 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 Jobs Note: Of 21 major sectors in Utah’s economy, we include the nine with employment within 20,000 jobs of tech industry employment. Source: Utah Department of Workforce Services and Bureau of Economic Analysis. INFORMED DECISIONSTM 3 gardner.utah.edu Partners in the Kem C. Gardner Policy Institute Advisory Board Community Conveners Cameron Diehl Cristina Ortega Ex Officio (invited) Lisa Eccles Jason Perry The following individuals Michael O. Leavitt Governor Gary Herbert Spencer P. Eccles Ray Pickup and entities help support Mitt Romney Speaker Brad Wilson Matt Eyring Gary B. Porter the research mission of the Senate President Board Kem C. Gardner Taylor Randall Kem C. Gardner Policy Institute. Stuart Adams Scott Anderson, Co-Chair Christian Gardner Jill Remington Love Representative Brian King Legacy Partners Gail Miller, Co-Chair Natalie Gochnour Brad Rencher Senator Karen Mayne Clark Ivory Josh Romney The Gardner Company Doug Anderson Mayor Jenny Wilson Deborah Bayle Mike S. Leavitt Charles W. Sorenson Mayor Jackie Biskupski Intermountain Healthcare Cynthia A. Berg Kimberly Gardner Martin James Lee Sorenson Ivory Homes Roger Boyer Derek Miller Vicki Varela Larry H. & Gail Miller Wilford Clyde Ann Millner Ruth V. Watkins Family Foundation Sophia M. DiCaro Sterling Nielsen Ted Wilson Mountain America Credit Union Mitt and Ann Romney Salt Lake City Corporation Tech Industry Advisory Council Salt Lake County John Knotwell, Utah Technology Council Matt Hilburn, EDCUtah University of Utah Health Kristin Wright, Women Tech Council Chanel Flores, Utah Governor’s Clint Betts, Silicon Slopes Office of Economic Development Utah Governor’s Office of Economic Development Zions Bank Kem C. Gardner Policy Institute Staff and Advisors Leadership Team Staff Executive Partners Natalie Gochnour, Associate Dean and Director Samantha Ball, Research Associate Mark and Karen Bouchard Jennifer Robinson, Associate Director Mallory Bateman, Research Analyst The Boyer Company Shelley Kruger, Accounting and Finance Manager DJ Benway, Research Analyst Salt Lake Chamber Colleen Larson, Administrative Manager Marin Christensen, Research Associate Sorenson Impact Center Dianne Meppen, Director of Survey Research Mike Christensen, Scholar-in-Residence WCF Insurance Pamela S. Perlich, Director of Demographic Research John C. Downen, Senior Managing Economist Juliette Tennert, Director of Economic and Dejan Eskic, Senior Research Analyst Sustaining Partners Public Policy Research Emily Harris, Demographer Nicholas Thiriot, Communications Director Michael T. Hogue, Senior Research Statistician Clyde Companies James A. Wood, Ivory-Boyer Senior Fellow Mike Hollingshaus, Demographer Dominion Energy Thomas Holst, Senior Energy Analyst Staker Parson Companies Faculty Advisors
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