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Report Finds Technology Industry Boosts Wyoming Economy

The State of the Technology Industry Report finds that an expanding technology sector could increase higher-income employment opportunities and diversify the narrowly defined Wyoming economy. The Wyoming Technology Organization (WTO) authored the report and published it to the Governor and State Legislature. The report is today being released to the public. It provides insight into the state’s technology infrastructure, economic conditions, and industry environment. The primary purpose of the report is to establish a comprehensive benchmark that could be utilized to measure future industry growth. The report also highlights changes and strategies that will facilitate growth in the technology business sector. To read the actual report go to http://www.wyomingtechnology.org.

The Governor and State Legislature recognize the state’s need to diversify in order to create a stable and growing economy. "The technology industry can help diversify our economy and offer opportunities to help keep our youth in Wyoming and attract young families to our state," Gov. Dave Freudenthal said. "As this industry grows, the possibility for more higher-paying jobs for all of our citizens grows as well." The technology sector’s high average wage and above average value added per worker makes it an attractive growth industry.

"The findings in this report only highlight the need for continued focus and support for this important business sector. The technology industry in Wyoming is primed to see continued exceptional growth but will need assistance in several key areas," stated Shawn Mills, executive director of the Wyoming Technology Organization.

The reports finding highlight Wyoming’s technology industry average annual wage is $43,842, which is 32% higher than the average private sector wage. Excluding the mining industry, the technology industry pays its employees 44% more than the average. Currently, the technology industry employs 18 out of every 1,000 workers in the state. This is approximately 1/3 less than the national average. There is substantial room for growth within the technology sector.

The technology industry covers a broad range of companies that are makers and/or creators of technology that take form in products, communication and services. The four predominate technology business segments that are active in Wyoming include: manufacturing technology, communications, software and engineering services, respectively.

Employment statistic illustrated technology as a narrow slice of the Wyoming economy (1.8% of total employment). It also yields high paying jobs (32% greater than average) and greater employment growth (6% versus 4% average across all industries). Currently, employment trends forecast growing job opportunities with the relative position of the technology industry unchanged.

Feedback and input acquired through a survey of Wyoming technology companies yielded both short-term obstacles and long term opportunities present in the industry. The most critical short-term challenges to the industry are the ability to attract and retain a qualified employees as well as the ability to sell and market products and services to continue growing. Other prominent short-term obstacles addressed in the report are developing a technology infrastructure equipped with enhanced high speed communications and clean power while also encouraging a cluster climate for technology companies to capitalize on intellectual and logistical synergies. Long-term opportunities identified in the report include building a culture of entrepreneurship, workforce development and bolstering the Wyoming technology image.

According to the survey, Wyoming technology leaders envision a very optimistic future for their business. The state’s technology leaders realize that the state’s technology industry is key to achieving the vision of stabilizing and advancing Wyoming’s economy. Yet they recognize that growth in Wyoming technology is a long-term investment.

The report establishes an initial baseline for the technology industry to measure the industry’s impact on the Wyoming economy over the next decade. The State of the Technology Industry Report is the first step of a three-step process. The Wyoming Technology Organization is developing two additional reports over the next two months: Wyoming’s Technology Industry Vision and An Action Plan for Wyoming’s Technology Industry Growth. To read the full report go to http://www.wyomingtechnology.org.

About The Wyoming Technology Organization

Wyoming Technology Organization, a non-profit organization, is dedicated to fostering an environment that advances the utilization of new technologies, provides new companies and IT employees an infrastructure rich home to grow, and promotes a collaborative environment between government and industry. http://www.wyomingtechnology.org .

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