Washington Continues To Lead the Nation in High-Tech Wages
Washington’s Venture Capital Investment Doubles

Redmond, WA, April 26, 2005 – Washington continues to pay its high-tech workers the highest salaries in the nation, an average of $94,600 in 2003, the most recent available state data.  Venture capital investments in Washington increased by 117 percent from $400 million in 2003 to $868 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.

While Washington was hit hard by the technology slowdown, it may be showing signs of improvement.  High-tech industry employed 150,800 workers in 2003, and job losses slowed considerably in 2003 compared to 2002.

"We believe the high-tech sector is showing clear signs of recovery following the bursting of the tech bubble and the economic downturn,” said Terry Byington, Executive Director, AeA Washington Council.  “Job losses have slowed and tech salaries remain high.  The fact that venture capital investments in Washington more than doubled between 2003 and 2004 is another encouraging sign, as the majority of these investments go to high tech.  This shows that Washington remains an attractive location for technology companies to innovate."

Not only did venture capital investments increase, but high-tech exports from Washington also increased by $386 million to $2.8 billion in 2004.

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 Washington?

·      150,800 high-tech workers (15^th ranked cyberstate)

·      5,900 jobs lost between 2002 and 2003

·      High-tech firms employed 70 of every 1,000 private sector workers in 2003, ranked 9^th nationwide

·      High-tech workers earned an average wage of $94,621 (1^st ranked), or 145% more than Washington's average private sector wage

·      A high-tech payroll of $14.3 billion in 2003, ranked 8^th nationwide

·      6,700 high-tech establishments in 2003, ranked 17^th nationwide

·      High-tech exports totaled $2.8 billion in 2004, ranked 17^th nationwide

·      High-tech exports represented 8% of Washington’s exports

·      Venture capital investments of $868 million in 2004, up 117% from $400 million in 2003

·      R&D expenditures of $10.5 billion in 2002, ranked 7^th nationwide

Washington’s National Industry Segment Rankings:

·      2^nd in software publishers employment with 37,000 jobs

·      5^th in electromedical equipment manufacturing employment with 4,200 jobs

·      10^th in R&D and testing labs employment with 18,400 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 04/27/05.