Missouri’s tech industry remains a driving economic force despite widespread job loss and economic turmoil caused by COVID-19, according to a new report that details how the Show Me State is outpacing national tech growth.
Among the report’s key takeaways: Average earnings for all jobs in Missouri was $64,000 in 2020, while the average earnings of a worker in the tech industry in the state was nearly double that at $112,100.
“Missouri is an emerging hub for the tech sector, outpacing neighboring states and providing an affordable option for companies looking to relocate from higher cost markets on the coasts,” said Dan Mehan, president and CEO of the Missouri Chamber of Commerce, which this week announced findings of its Technology2030 Report.
“Among many advantages our state offers, Missouri has an impressive, diverse tech workforce that is ready to fuel our growing tech economy,” he continued. “As we reach this exciting turning point for our state’s economy, the Missouri Chamber is ready to lead the effort to expand the innovation economy in our state.”
Click here to see where Missouri’s two biggest tech cities — St. Louis and Kansas City — rank against other Midwest startup communities.
Missouri’s IT sector is projected to grow by 11.6 percent over the next five years, according to the report, with tech manufacturing expected to grow by nearly 12 percent. (Nationally, tech manufacturing has decreased over the last five years, while tech manufacturing in Missouri grew by nearly 18 percent over the same period.)
Other findings from the report:
- The tech sector contributes 412,000 direct and indirect jobs to the state’s economy, comprising 14 percent of the Missouri workforce.
- Missouri ranks among the top 10 states in the percentage of tech jobs held by women.
- Missouri ranks eighth among states in the Tech Diversity Index.
- Missouri has a tech job multiplier effect of 2.75, meaning for every tech job created nearly two additional jobs are added.
Click here to read the full Technology2030 Report.
“We’re pleased to see a statewide business organization like the Missouri Chamber recognize the significant contributions the tech industry makes to Missouri’s economy,” said Ryan Weber, president and CEO of the KC Tech Council, which serves as a voice for the region’s tech industry in Jefferson City. “The story is a positive one. This positivity will continue through advocacy for meaningful state legislation that makes Missouri a competitive, welcoming destination for innovative tech companies and their diverse workforce.”
Work remains to keep Missouri moving in the right direction, Mehan emphasized.
“We’ve long said that technology is the future of our economy. The Technology 2030 Report makes it clearer than ever that the future is now,” he said. “To make the most of today’s positive trends, Missouri must make progress on several fronts. We need to improve our broadband and transportation infrastructure. We need to continue our focus on preparing our workforce for the jobs of today and tomorrow. We also need to be aggressive in our efforts to attract tech investment to our cities and to smaller communities across the state.”
Click here to learn more about the Missouri Chamber and its advocacy work.