A new report from the Software & Information Industry Association (SIIA), entitled “Software & Information: Driving the Global Knowledge Economy,” finds that the software and information (S&I) industries are among the fastest growing and most important for propelling continued economic growth -- both in the U.S. and globally.
The Report’s key findings reveal that software and information industries:
* Experience Faster Growth than Overall U.S. Economy. The rate of growth in the S&I industries significantly outpaces that of the U.S. economy as a whole. Recent growth of 10.8 percent compared to 3.2 percent GDP growth helps to sustain the expansion of the overall American economy.
* Generate Millions of Jobs for Americans. The U.S. software and information industries employ more than 2.7 million Americans, with 17 percent net employment growth between 1997 and 2006.
* Create High-Wage Jobs. Employees working in the nation’s S&I industries are well-compensated, earning among the highest wages in the country. The annual average wage paid in the S&I industries was $75,400 in 2006, 78 percent higher than the average $42,400 for all private-sector workers.
* Compete Successfully Around the World. American firms comprising the S&I industries are world leaders, selling products and services in markets around the world with strong sales and revenue growth. S&I direct sales through U.S. affiliates are over $60.4 billion, 13 percent of the total $483 billion for all U.S. companies. Additionally, the S&I contributed another $19 billion in cross-border exports.
* Propel Global ICT spending. Global ICT spending, a broad basket that includes a measurement of expenditures for software and computer services is greater than $3 trillion and is projected to grow to approximately $4 trillion in 2008.
More information on the Service and Support industry can be found at www.SupportIndustry.com
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