Last January, Governor Patrick called for the establishment of an IT Collaborative, comprised of leaders from private industry, academia and government to advance policy and design an agenda to enhance the state’s IT sector. Monday, Gov. Patrick and others announced results of a study finding that the Commonwealth’s IT industry is a key component to the state’s innovation economy.
The report, entitled “The IT Industry: Hub of the Massachusetts Technology Economy,” found that the IT industry is the state’s second largest knowledge-intensive industry cluster, behind health care. And that Massachusetts’ IT sector plays an important role in emerging sectors like robotics, digital media, digital gaming and mobile communications. Venture capital investment in Massachusetts IT companies lags only behind California, at $10,257 per IT worker.
“This study is further proof that the digital technology sector is a cornerstone of our economy, and a catalyst for innovation across all of our industries,” Gov. Patrick said, while affirming his administration’s commitment to supporting the industry’s growth.
Executives from Verizon and Cisco were also on hand, as well as professors from UMass Dartmouth to underscore the reports findings. The 10,000-plus IT companies doing business in Massachusetts spend $65 billion a year and they are responsible for another $29 billion in spending by local suppliers and contractors and $19 billion in consumer spending by employees, according to the report.
“The IT industry is critical to Massachusetts’ entire innovation ecosystem,” Michael D. Goodman, an Associate Professor at UMass Dartmouth, said in a statement. Prof. Goodman led the team that prepared the study results. “The Commonwealth’s global leadership in sectors like financial services, health care and defense is significantly enhanced by the presence and expertise of IT firms and the thousands of IT professionals working inside and outside of the industry.”
To read the Goodman report, click here (.pdf).