Austin's high-tech industries leading the region's economy

Feb 3, 2015
Austin Business Journal

Austin's high-tech industries continue to expand at a breakneck pace, according to a new report from the Brookings Institution. And as that sector expands, more and more workers in other, non-tech fields are feeling the benefits, too


The report, titled "America's Advanced Industries", examined the performance and growth of the high tech industry sectors in cities and across the nation


"America's advanced industries are not national," reads the report. "They are local, and in regions like Austin, Boston, San Diego, Seattle, and Silicon Valley they are world-class hubs of prosperity."


Here in the Austin area, advanced industries – a broad category of 50 industries ranging from aerospace engineering to oil and gas extraction to wireless telecoms – account for 106,280 jobs – or 12.1 percent of all Austin-area jobs. That's the 23rd-largest-share that advanced industries have in any metro area in the U.S. And those 106,000-plus jobs produced $24.1 billion in economic output in the Austin area, equal to nearly 25 percent of Austin's economy


And that sector is growing by leaps and bounds here in Austin. From 2010 to 2013, Austin had the eighth-fastest growing advanced industries sector in the nation, with jobs expanding by 6.6 percent and the share of the total economic output rising by 7.4 percent in that time


Those working in Austin's advanced industries earn $103,950 on average per year, nearly double the average annual earnings of workers across all industries, a figure that stands at $53,510


The economic impact of those high-paying jobs support a lot of others, too. The report found an additional 85,030 jobs in the area indirectly supported by the advanced industries sector



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