Tech City UK, the UK government backed organisation tasked to accelerate the growth of digital tech sector, today launched Tech Nation 2017.
The latest edition of the annual report, finds that the average advertised salary for digital-tech jobs has now reached £50,663 a year, compared with £35,155 for the average non-digital salary, a rise of 13 per cent since 2012.
The report, which contains over 1000 data points, including case studies from Bristol based Ultrahaptics and BluWireless Technology, on the state of the UK’s digital tech sector shows that it is not only creating jobs twice as fast as the wider economy, but that these are also well-paid and productive jobs that will help the UK economy overcome its challenges with low productivity growth. Tech workers contribute £103,000 a year in Gross Value Added (Digital Economic Contribution) to the wider economy, more than twice the value of each non-tech worker, who adds £50,000. Moreover, the gap is widening: in the last five years the productivity gap between tech and non-tech workers has increased from £48,000 to £53,000.
The publication also demonstrates how the UK’s digital economy is now at the epicentre of Europe and attracting more new investment than any other continental country. In 2016, the UK continued to lead all other European nations in terms of the size and value of its tech sector. Investors from around the world ploughed £6.8bn into the UK digital sector, significantly more than its closest rival, France, which secured £2.4bn. The cluster in Bristol & Bath has also made a significant contribution to the UK economy having attracted investment from Oracle, Dyson, Strava and Japanese investment from Cookpad, as well as local growth from Ultrahaptics, BluWireless Technology and Graphcore who have all secured significant investment in recent months.
Key Bristol Facts
Digital Turnover – £8.1 billion – top 5
Digital Business Turnover Growth – +87% – top 5
Digital Gross Value Added – £1.7 billion
High Growth Digital Businesses – 17.4%
Average number of startup births per year – 225 (2011 – 2015)
Advertised Digital Salary – £47,063
Bristol & Bath digital tech economy jobs – 35,924
Bristol & Bath tech workers say:
92% rate quality of life as good
88% rate digital growth optimism as good
Matt Cross, Head of Inward Investment at Invest Bristol & Bath, said: “Tech Nation 2017 shows that digital tech businesses are helping power the economic growth of Bristol & Bath, all of which are contributing to the cluster’s global reputation for technological excellence. As digitization of industry is becoming pervasive across all industry our tech cluster’s reputation continues to expand. Adoption by a diverse range of traditionally non-digital industries such as banking, aerospace and city infrastructure (or Smart Cities) will ensure the continued success and growth of this cluster for years to come. The exciting nature of the technologies and applications involved will help inspire a new generation of talent from our leading universities, colleges and schools.”
you can find the full report by following this link: http://technation.techcityuk.com/