San Antonio’s tech industry generates nearly $11 billion in annual economic impact, report says
SAN ANTONIO – San Antonio’s information technology industry generates an annual economic impact of nearly $11 billion and employs 48,000 people, according to the first report to measure these results.
According to a press release, the report was commissioned and co-authored by Technical blocka non-profit organization that champions the local tech industry, in association with Port San Antonio. Much of the research was conducted by Trinity University professors emeritus Richard Butler and Mary Stefl.
Other key findings of the report include:
The economic impact of the $10.8 billion IT industry has increased 27% since 2010. It has more than tripled since 2000.
The number of IT companies in San Antonio has increased from 1,095 in 2015 to 1,491 in 2020, an increase of 36%.
Private sector companies in the IT industry paid a total of $1.8 billion in salaries in 2020. The average annual salary paid to IT employees was $88,017, the highest average salary of all target industries in San Antonio and 60% higher than the average salary in all other industries in San Antonio.
16,417 IT professionals are employed by defense, security, and other federal entities in San Antonio, representing one-third or 34% of San Antonio’s technology workforce.
The IT industry is somewhat clustered into geographic IT employment nodes, with the five largest technology employment hubs being in Port San Antonio, Highway 281 North Corridor, Westover Hills/Highway 151, Rackspace/Windcrest, and USAA/IH -10/Medical Center Region.
The greatest concentration of smaller start-ups appears to be in the Downtown/Broadway-Midtown and Port San Antonio areas.
“The growth of our technology industry is key to our future local economy and prosperity. Jobs in our industry have high wages and the future economy will continue to be driven by technology,” said Tech Bloc CEO David Heard. “This report examines the economic impact across all private and public IT sectors, including our federal and military industry. Although computer workers make up only about 2% of the total workforce in San Antonio, high average wages in the computer industry represent a significant opportunity to increase per capita income levels across the country. Bexar County if we can continue to develop tech jobs. »
The report says that while the industry’s economic impact has more than tripled since 2000, employment has grown more slowly. This is partly due to the relative shift of IT activity in San Antonio from producing products to providing services. Key technology sectors in San Antonio include cybersecurity at Port San Antonio, cloud computing at Rackspace Technology, digital retail and commerce at HEB, financial technology, services and compliance at USAA, and software as service at Scaleworks.
The information in the report is based on the most recent economic and labor data available through the end of 2021 from the Texas Workforce Commission and other sources, the press release said.
You can read the full report below:
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