12/17/2023 0 Comments Shift technologies st cloud mnThree divergent facts must be viewed together to take in a full picture of the state of high tech in Minnesota. Minnesota’s high tech sector represents a paradox of sorts. in tech growth, but core industries continue to perform well and emerging investment in new startups shows signs of future growth. CompTIA’s 2020 report estimates the combined economic impact of Minnesota’s tech workforce at $31 billion annually. Leading tech occupations include software and web developers, systems and cybersecurity analysts, and network architects/admin/support. Using the CompTIA Cyberstates definition that includes tech occupations across any industry, Minnesota ranks 11th nationally for its share of the workforce in tech jobs. share of 11.9%. The state’s share of high-tech jobs ranked 13th highest among all states and the District of Columbia. The high-technology sector accounted for 380,263 jobs in 2019, comprising 12.4% of Minnesota’s total non-farm employment, above the U.S. Service industries make up the largest share of high-tech jobs, with high concentrations in headquarters, medical goods, and electronic controls. How is Minnesota’s tech sector performing?ġ. Minnesota’s tech sector is large, diverse and stronger than many know. Build on recent programs to accelerate high tech startups.Transform education and workforce training programs to prepare for a high-tech future.Leverage existing industry strengths to lead in areas like Internet-of-Things (IoT), fin-tech, digital health, ed-tech, automation, cybersecurity and data analytics.Understand the trends in technology jobs and industries with recommendations for the education and workforce development sectors.Falling short in educating and training tech talent will constrain our future growth – and may already be constraining growth in key tech sectors. Competition for skilled high-tech workers is intense, and Minnesota needs to improve its supply of available tech workers to take advantage of the growth opportunities ahead. Our comparative lack of high-flying tech successes this decade may also act as a reputational drag on growth, as fast-growing companies and startups have tended to cluster in tech growth clusters, such as Silicon Valley, Seattle, Austin or Boulder.Ĭhallenges also exist. Our relative under-performance in some fast-growing high-tech subsectors, such a software publishing and data hosting/processing, also explains why Minnesota has lagged faster growing states in GDP and employment growth in the last decade. Minnesota’s under-the-radar strengths in technology are a positive, helping drive Minnesota’s economic future. Machinery, vehicles and metal ores, for example, comprise three of the eight largest Minnesota export sectors in 2019, contributing a combined $5.34 billion in state exports, or nearly a quarter of the state’s total export value. These industries have smaller employment footprints but include firms with high market shares and significant export components relative to sales. in advanced industrial sectors such as metal ore mining, transportation equipment manufacturing, and machinery manufacturing. Minnesota has high employment concentrations relative to the U.S. average, Minnesota has a substantial number of jobs in tech services broadly, including computer systems design, management and technical consulting, and architecture and engineering services. While slightly less concentrated than the U.S. Management of companies/corporate headquarters, medical technology and electronic instrument manufacturing are the state’s leading drivers of high-tech activities, generating a large share of the state’s patents and innovations. Minnesota’s tech economy Overview: Minnesota’s tech opportunity this decade
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