AeA Report: Maryland Ranks 5th by Tech Employment Concentration; Maryland's Venture Capital Investments Grow by $158 Million in 2004.
"Venture capital investments in Maryland jumped by 45 percent, or $158 million to $512 million in 2004," said Greg Poersch, Executive Director, AeA's Potomac Council. "This foreshadows a strong turnaround in the tech industry in Maryland, especially since VC investments drive innovation."
High-tech workers in Maryland were paid extremely well. The average high-tech wage in the state was $70,600 in 2003, 80 percent more than the state's average private sector wage.
Nationally, Cyberstates 2005 shows that the high-tech industry is slowly turning the corner. High-tech employment was down by only 25,000 jobs out of 5.6 million workers in 2004. U.S. high-tech exports were up by 12 percent for a total of $191 billion in 2004. And, technology related venture capital investments were up for the first time in four years.
This eighth annual edition of Cyberstates provides a comprehensive review of the high-tech industry nationally and state-by-state by high-tech employment, wages, payroll, establishments, and trade. Cyberstates also offers data on venture capital investments and R&D expenditures.
AeA members can purchase the report for $95; non-members for $190. Visit www.aeanet.org to download the report, or call 800-284-4232 or 408-987-4200.
AeA is the nation's largest high-tech trade association. Founded in 1943, AeA utilizes an extensive international network of offices to serve its members through advocacy, training, research, and business services. www.aeanet.org
What Does High Tech Mean for Maryland?
--154,900 high-tech workers (14th ranked cyberstate)
--3,700 jobs lost between 2002 and 2003
--High-tech firms employed 78 of every 1,000 private sector workers in 2003, ranked 5th nationwide
--High-tech workers earned an average wage of $70,600 (10th ranked), or 80% more than Maryland's average private sector wage
--A high-tech payroll of $10.9 billion in 2003, ranked 14th nationwide
--9,200 high-tech establishments in 2003, ranked 14th nationwide
--High-tech exports totaled $1.2 billion in 2004 (29th ranked), a 39 percent increase
--High-tech exports represented 21% of Maryland's exports (19th ranked)
--Venture capital investments of $512 million in 2004, up $158 million from 2003
--R&D expenditures of $9.0 billion in 2002, ranked 10th nationwide
Maryland's National Industry Segment Rankings:
--5th in computer systems design and related services employment with 50,200 jobs
--5th in measuring and control instruments manufacturing with 10,500 jobs
--8th in engineering services employment with 27,600 jobs
Source: Cyberstates 2005
Data are for 2003 unless otherwise noted.
2003 data are the most current for state employment, wages, payroll, establishments, and industry segment jobs.
Published by AeA, Advancing the Business of Technology (www.aeanet.org)
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|Date:||Apr 26, 2005|
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