Peoria ranks 3rd in nation in high-tech job growth
- Details
- Published on Thursday, 06 December 2012 16:45
- Written by The Peorian
Peoria ranked third best in the entire nation in high-tech job growth from 2006 through 2011, according to a study released Thursday by a California-based technology advocacy group.
The study by Engine Advocacy, "Top 25 Metros for High-Tech Employment Growth from 2010-2011," showed such jobs are no longer concentrated in the Silicon Valley.
The group also lauded the Heartland Partnership and Peoria NEXT for their efforts in creating the atmosphere to enable high-tech job growth in the region.
"When we talk about technology in the Greater Peoria Region, many people groan as if the words 'technology' and 'Peoria' don't belong in the same sentence, but that couldn't be farther from the truth," said Grant Brewen, CEO of Peoria NEXT, in a news release.
"This region has an amazing amount of technology and research activities happening and every day more and more ideas are put to the test. We have always been known as a manufacturing and agriculture focused-region and the area had to accept the notion that it could also embrace technology commercialization and development to impact regional economic development. The creation of an organization such as Peoria NEXT (started in 2001) and the Peoria NEXT Innovation Center (opened in 2007) represents the region's commitment to the technology industry," Brewen said.
Roberta Parks, president of the Peoria Area Chamber of Commerce, talked about the job growth and cited the medical and advanced manufacturing industries in particular.
"We have a strong medical community and a top-notch facility at the University of Illinois College of Medicine. Combine that with Caterpillar (Inc.) and its commitment to technology and it's evident there is a lot happening in greater Peoria," Parks said.
"The regional economy benefits greatly from high tech jobs which are typically higher wage paying positions, attract higher skilled workers and often attract a younger workforce. These types of jobs help secure our economic future and we realize how important they are, which is why we've seen a shift over the past decade to focus on the high tech arena," she added.
According to the news release high-tech jobs are growing in communities across the United States, outpacing job growth in the private sector as a whole and boosting local growth and job creation. Engine Advocacy, a San Francisco-based nonprofit, commissioned the Bay Area Council Economic Institute (BACEI) to analyze Bureau of Labor Statistics data to identify communities around the country that are experiencing pronounced job growth in tech.
Key findings include:
- Jobs in high tech industries exist almost everywhere, with 98 percent of U.S. counties home to at least one high tech business.
- Hubs of high tech employment can be found in unexpected places, including communities in the Midwest, South, West, Northeast and along both coasts.
- Employment growth in the high-tech sector has outpaced growth in the private sector by a ratio of three-to-one since the dot-com bust's bottom in early 2004.
- High tech job growth is projected to outpace the job growth of the economy as a whole over this decade, expanding by 16.2 percent between 2011 and 2020.
- High tech workers earn 17 to 27 percent more than their peers in other industries, even when controlling for factors like age, gender, and education.
- Higher wages and job growth have significant effects: the creation of one job in the high tech sector is estimated to best associated with the creation of 4.3 other jobs in local economies.
"This research confirms the story that I see unfolding every day in cities across the country," said Michael McGeary, Senior Strategist for Engine Advocacy. "The trajectory for job growth and the higher incomes of tech workers, combined with the job multiplier effect, make the high-tech sector a key driver of economic growth in cities across America."
