Maryland Ranks 5^th by Tech Employment Concentration
Maryland's Venture Capital Investments Grow by $158 Million in 2004

Washington, DC, April 26, 2005 – High-tech industry employment in Maryland totaled 154,900 in 2003, the most recent available state data.  Maryland has the 5^th highest concentration of technology jobs nationwide, employing 78 of every 1,000 private sector workers, according to Cyberstates 2005:  A State-by-State Overview of the High-Technology Industry, a new analytical report released today by AeA.

"Venture capital investments in Maryland jumped by 45 percent, or $158 million to $512 million in 2004,” said Greg Poersch, Executive Director, AeA's Potomac Council.  "This foreshadows a strong turnaround in the tech industry in Maryland, especially since VC investments drive innovation."

High-tech workers in Maryland were paid extremely well.  The average high-tech wage in the state was $70,600 in 2003, 80 percent more than the state’s average private sector wage.

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 Maryland?

·      154,900 high-tech workers (14^th ranked cyberstate)

·      3,700 jobs lost between 2002 and 2003

·      High-tech firms employed 78 of every 1,000 private sector workers in 2003, ranked 5^th nationwide

·      High-tech workers earned an average wage of $70,600 (10^th ranked), or 80% more than Maryland's average private sector wage

·      A high-tech payroll of $10.9 billion in 2003, ranked 14^th nationwide

·      9,200 high-tech establishments in 2003, ranked 14^th nationwide

·      High-tech exports totaled $1.2 billion in 2004 (29^th ranked), a 39 percent increase

·      High-tech exports represented 21% of Maryland's exports (19^th ranked)

·      Venture capital investments of $512 million in 2004, up $158 million from 2003

·      R&D expenditures of $9.0 billion in 2002, ranked 10^th nationwide

Maryland’s National Industry Segment Rankings:

·      5^th in computer systems design and related services employment with 50,200 jobs

·      5^th in measuring and control instruments manufacturing with 10,500 jobs

·      8^th in engineering services employment with 27,600 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.

- ## -

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.