Download the State of the Massachuetts Tech Economy 2022.
MassTLC has released the annual State of the Massachusetts Tech EconomyState of the Massachusetts Tech Economy report for 2022. The report benchmarks the tech ecosystem here in Massachusetts over time against other sectors and other regions, and serves as an addendum to the State of the Massachusetts Technology Economy dashboard on MassTLC.org.
For over 20 years, policy makers and business leaders have turned to MassTLC as a reliable authority providing timely data and insights into the Massachusetts technology economy and its broader impact on the Commonwealth.
Insights from the 2022 report include:
- The state continues to rank number one nationally in concentration of tech workers. The opportunity for tech workers continues to grow with one out of every three jobs created in Massachusetts estimated to be in STEM fields.
- Tech offers an estimated annual median salary of more than $97,000 and is responsible for over $102 billion of the Massachusetts Gross State Product (GSP).
- There are over 18,000 technology companies in the Commonwealth. In terms of employment opportunities, there are 130,178 open jobs across the tech sector and
tech occupations in other sectors.
- Massachusetts remains a top location for venture-backed funding in 2021 with 1,096
financings raising $35.5 billion, coming in just behind New York City and California.
- While the pandemic negatively impacted some subsectors of the tech industry (e.g., travel & hospitality platforms and others), many of these companies were able to alter their business models and ultimately survive the storm. Other subsectors of the tech industry saw huge growth related to the pandemic (e.g., technologies that support remote work, telehealth technologies, and others). Ultimately, tech fared much better than many other sectors of the economy in this time.
- Positive growth trends continue to exacerbate increasing wage gaps. Massachusetts is among the costliest areas in the country for housing and overall cost of living.
- Despite the strength of the Massachusetts higher education sector, there is still an enormous, unfilled need for talent. This need will continue to grow steeply with 143,000 tech workers expected to retire by 2027.
Download the State of the Massachuetts Tech Economy 2022 to learn more.