Tuesday, September 22, 2009

The Growing Utah Tech Sector

By Reed Weathers

The business environment is undeniably going through a growth phase, especially for the likes of the Utah tech sector. While the news reports that the US economy is experiencing problems with recessions, the companies in Utah have a different outcome with more companies and businesses flourishing amidst reports of recession.

There are more that 5,000 IT companies in Utah. That's why it's not surprising that Utah's technology industry is way up bigger than most states. Companies in Utah are also expanding and more big names joining in the game. Hundreds of new jobs are open for jobseekers and more investors are interested in locating their businesses in the state. In the technology industries, there are good reasons to be optimistic. Amidst the recession in the United States, annual growth rate of businesses are rising in the area.

Certain sectors in technology, such as information services and marketing consulting, showed surprisingly high job growth of 41.2 percent and 19.5 percent, respectively. By that number, it shows that the technology industries were in a better position. Executive skill set and ability to expand even under recession is a sure sign that Utah tech will still continue to grow in the years to come.

The trade in the technology industry becomes the second-largest category for the value of exports of computer and electronics in 2008. At about $2.1 billion - a 126.7 percent increase compared to 2007.As noted by Richard Nelson, council president and chief executive officer of Utah Technology Council, the average technology worker's salary is 58 percent higher than the state wide average annual non agricultural wage.

Utah ranks second as the "best state for business" and "Best city for job" by Forbes Magazine. Ranking first in the America Legislative Exchange Council-Laffer State Economic Competitive Index economic outlook is another thing to celebrate for Utah.

However, one threat to the success of the Utah tech industry is workforce acquisition and productivity. Utah's technology industry continues to face the ongoing challenges of securing qualified workforce. There is no problem with the number of people that will help to boost the technology industry; rather the problem is retaining them and producing competent workers.

The Utah Technology Council or UTC ensures the technology in Utah develops the highest quality workforce in the nation as well as attracts investment to the state. UTC also discusses initiative and unique methods to secure the workforce that they need. The organization has been the premier professional association that fosters the growth of the technology industry.

The advancement of the technology of tech companies in Utah is foreseen to last. While others are keeping their business above ground in the market, these companies are opening their doors to more opportunities. The Utah Tech industry is growing faster and more business opportunities attract more investors.

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2 comments:

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