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New TAB Study Illustrates Growing Impact of Tech Industry on Texas Economy

AUSTIN, TX  This week, the Texas Association of Business (TAB) released a new economic impact study illustrating the growing impact of the technology industry on the Texas economy. The study, conducted by economist Jon Hockenyos at TXP, finds that technology has emerged as a driving force behind economic growth, job creation and enhanced productivity throughout the Lone Star State. As Texas continues to evolve as a hub for innovation, technology will remain a vital catalyst for economic prosperity.

 

Additionally, TAB’s Tech Means Business Coalition, in collaboration with partners Amazon, the Fort Worth Chamber, the North Texas Commission, and the Dallas Regional Chamber, hosted a roundtable discussion on the study’s findings at the Amazon Air Hub in Fort Worth.




"Texas's thriving tech sector epitomizes our state's unwavering commitment to innovation and progress," said Glenn Hamer, CEO at the Texas Association of Business. "Our pro-business climate, coupled with a legacy of adaptability, has positioned Texas as a global leader in tech manufacturing and innovation. We know from working with our broad membership base that “technology” issues no longer impact just tech companies. Today, every business depends on information technology to reach and better serve customers. We will continue to embrace transformative technologies to harness this momentum and maximize opportunities for economic growth.”

 

“We’re proud that Amazon has invested over $54 billion in Texas and created more than 89,000 jobs here, all helping to power the Lone Star state’s economic engine,” said Caroline Joiner, regional policy leader at Amazon. “Texas’s robust economy and culture of innovation align with our mission to be Earth’s most customer-centric company and Earth’s best employer. By investing in Texas, we’re contributing to a thriving ecosystem that values innovation and community.”

 

The study's findings underscore the indispensable role of technology, offering valuable insights into the shifting landscape where knowledge and technology intersect across industries. By delving into these trends, policymakers, businesses, and stakeholders can gain a deeper understanding of the underlying factors propelling Texas' economic growth and bolstering its competitiveness on a global scale as technology assumes an increasingly prominent role in society.

 

The study found that:

 

  • Texas ranks second highest among states in tech-related employment, positioning it as a formidable player in the tech industry.

  • In 2022, the tech sector contributed a substantial $469.75 billion to Texas's economy, representing 19.6% of the state's total GDP.

  • Projections show that the tech workforce will grow twice as fast as the overall U.S. workforce over the next decade, driven by the macro trend of digital transformation.

  • IT services and custom software services drove job growth since 2017, contributing to 52% of total job gains.

  • Net tech employment in the United States reached 9,156,390 workers in 2022, marking a 3.2% year-over-year increase.

 

To read the full economic impact study, please click here.


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TAB is the Texas State Chamber, representing companies of every size and industry. The Association’s purpose is to champion the best business climate in the world, unleashing the power of free enterprise to enhance lives for generations. Follow TAB on FacebookTwitter, and LinkedIn.

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