In findings released by The Technology Association of Georgia (TAG), the Technology in Georgia Report says the technology industry had an economic impact of $113.1 billion in total industry sales for 2011.
The findings were released at the 2012 Georgia Technology Summit this week, which is held each spring at the Cobb Galleria in Metro Atlanta.
“Technology plays a significant role in Georgia’s economy,” said Tino Mantella, president & CEO of TAG. “Now that we understand the economic impact created by the state’s technology companies, we have more fodder to support our efforts at driving legislation important to this community and generating the buzz necessary to get Georgia recognized as one of the leading states in the nation for technology.”
The tech sector in Georgia made up 17 percent of the state’s gross domestic product. According to the economic impact analysis, more than 612,000 additional jobs can be attributed to the spending emanating from the technology sector.
Technology is a significant portion of Georgia’s exports to other countries. It now accounts for more than one-third of Georgia’s total exports. Tech exports surged 13.5% in the most recent data to reach $9.9 billion in 2011.
Mobile and wireless projects are a key piece of the 2012 strategy for Georgia technology companies. In line with the national trend, Georgia’s technology decision makers reported their most important technology initiatives for 2012 are mobile and wireless projects.
The next step, is a need for a comprehensive state technology policy. An analysis by Georgia Tech Research Institute’s Office of Policy Analysis and Research found that Georgia trailed the national average in six of seven categories of science, technology and innovation legislation in 2011. Georgia ranked 28th overall in the number of such bills introduced for consideration.
There is good news for the future. Technology employment opportunities in Georgia continue to grow. Georgia’s technology sector added nearly 6,000 jobs in 2011 to reach employment of 253,000 workers. More hiring is planned; a survey of Georgia’s technology decision makers found that 71% plan to increase hiring over the next year and 85% plan to increase hiring over the next five years.
As it has been the past, technology remains a driving force in the ecomony of Georgia. The entire 2012 State of the Industry: Technology in Georgia Report is available online at http://www.tagstateoftheindustry.com.