Indiana's Technology-based Economy
In a sector that has generated more than $1 billion in new Hoosier wealth creation and reinvestment over the past decade, TechPoint today serves as the preeminent voice and change agent for Indiana's growing technology economy. The international technology sector, particularly the Information Technology (IT) segment, represents the key driver for economic growth and diversification. Technology touches all economic sectors, and Indiana must continue its advancement to foster and achieve real competitiveness.
Quantitative evidence of Indiana’s growth in this sector can be found in numerous places, including formal research. For example, one national report in 2007 ranked Indiana 23rd in the number of high-tech workers, and these 68,600 high tech workers earn an average of $55,700, or 57 percent more than Indiana's private sector wage. Earlier in the decade, 400 new high-tech jobs were added in Indiana alone between 2004 and 2005. In 2005, Indiana boasted 5,100 high-tech establishments, ranking us 20th nationwide in a separate analysis. Additionally, the Indiana Department of Workforce Development has projected growth in the sector to exceed 10,000 new jobs for the ten year period ending in 2014.
A technology-based economy today has become a driver of entrepreneurial activity and a major component of any enterprise. No longer do IT workers solely focus on the management of software or hardware. Today the chief information officer (CIO) of any business represents a critical strategic partner of any major development. The performance of a company’s IT professionals can make the difference between substantial profitable operations or near-bankruptcy.