Missouri chamber: Tech represents 10% of state’s economic output

Technology is increasingly cementing its place in the state's economy, according to a Missouri Chamber of Commerce and Industry report released Monday.

The latest Technology2030 report, commissioned by the chamber and conducted by North Carolina consulting firm Economic Leadership LLC, brings the chamber up to date with 2022 data on the tech sector. Chamber and Economic Leadership officials unveiled the findings in a virtual news conference yesterday:

• The Missouri tech industry had 158,870 employees as of 2022.
• Economic Leadership reported a 2.5% increase in net tech jobs 2021-22, with 3,870 positions added year over year in Missouri. The new jobs number exceeds 15,000 over the past five years, trailing only transportation/warehousing and construction in industry growth statewide.
• Average earnings per tech worker in 2022 was $123,800, which is nearly 1.7 times higher than the average for all industry workers statewide.
• The tech industry contributed $38 billion in gross state product in 2022, equating to around 10% of Missouri's economic output.
• The tech sector creates or supports 1.82 jobs for every position it adds.

"It's an industry where the ripple effect is greater than almost every other industry," said Ted Abernathy, founder and managing partner of Economic Leadership. "We think these numbers will accelerate over time."

Abernathy called tech manufacturing a highlight in the report, which indicated the subsector has been outpacing national job averages consistently since 2011.

"It puts Missouri as one of the leaders in technology manufacturing growth in America," Abernathy said, noting the segment of the tech sector in Missouri is spread throughout the state. "Missouri has deep growing technological companies."

Missouri chamber President Dan Mehan said the organization invests in research and data analysis to better inform its decisions.

"Knowledge is power," he said. "A diversified economy is critical to any state's long-term success."