Utah’s High-Tech Exports Jump by 47 Percent
Venture Capital Investments in Utah Soar 77 Percent in 2004

Broomfield, CO, April 26, 2005 – Utah experienced heavy growth in both high-technology exports and total venture capital investments in 2004.  High-tech exports rose by 47 percent, from $707 million in 2003 to $1.0 billion in 2004.  Venture capital investments increased by 77 percent, from $107 million in 2003 to $189 million in 2004, according to Cyberstates 2005:  A State-by-State Overview of the High-Technology Industry, a new analytical report released today by AeA.

Utah's high-tech industry lost 800 jobs in 2003, from a total of 49,300 in 2002 to 48,500 in 2003, the most recent available state data.  While Utah has been affected by the technology downturn following the bursting of the tech bubble in 2000, the rate of job loss slowed in 2003.

"We are strongly encouraged by the dramatic increases in high-tech exports and venture capital investments in 2004," said Jessica Wright, Executive Director, AeA Mountain States Council. "This is a clear indication that Utah’s high-tech sector has turned a corner and remains an attractive location for technology companies to do business."

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.
 

What Does High Tech Mean for Utah?

·      48,500 high-tech workers (27^th ranked cyberstate)

·      800 jobs lost between 2002 and 2003

·      High-tech firms employed 57 of every 1,000 private sector workers in 2003, ranked 16^th nationwide

·      High-tech workers earned an average wage of $54,100 (35^th ranked), or 77% more than Utah's average private sector wage

·      A high-tech payroll of $2.6 billion in 2003, ranked 27^th nationwide

·      3,300 high-tech establishments in 2003, ranked 26^th nationwide

·      High-tech exports totaled $1.0 billion in 2004, ranked 32^nd nationwide

·      High-tech exports represented 22% of Utah’s exports

·      Venture capital investments of $189 million in 2004, up 77% from $107 million in 2003

·      R&D expenditures of $1.6 billion in 2002, ranked 31^st nationwide

Utah’s National Industry Segment Rankings:

·      12^th in electromedical equipment manufacturing employment with 1,600 jobs

·      13^th in software publishers employment with 4,800 jobs

·      18^th in semiconductor manufacturing employment with 1,200 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

NOTE TO EDITORS: Press releases focusing on U.S. high-tech trade as well as on specific states are available on AeA’s website.

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About AeA
AeA, founded in 1943, is a nationwide non-profit trade association that represents all segments of the technology industry and is dedicated solely to helping our members’ top line and bottom line. We do this in partnership with our small, medium, and large member companies by lobbying governments at the state, federal, and international levels, providing access to capital and business opportunities, and offering select business services and networking programs.  For more information, please visit http://www.aeanet.org.

This page was last updated on 04/26/05.