Minnesota's Venture Capital Investments Jump by 58 Percent in 2004
MINNEAPOLIS, April 27 /PRNewswire/ -- High-tech industry employment in
Minnesota totaled 124,900 in 2003, the most recent year state data are
available. While Minnesota's tech industry was hit hard by the technology
slowdown, losing some 9,300 jobs in 2003, there has been growth in high-tech
exports and in venture capital investments, according to Cyberstates 2005: A
State-by-State Overview of the High-Technology Industry, a new analytical
report released today by AeA.
"Technology industries in Minnesota turned around in 2004," said Kate
Rubin, president of the Minnesota High Tech Association. "Venture capital
investment increased by 58 percent to $351 million in 2004. And high-tech
exports increased by $448 million in 2004. Minnesota, for the first time,
exported more than $5 billion worth of goods. Increases in venture capital
and exports foreshadow a turnaround in the tech industry in Minnesota."
"Technology workers earn an annual salary that is 66 percent higher than
the state's average private sector worker," added Janice Aune, chairman and
CEO of Onvoy; chair of MHTA's Board of Directors; and member of the AeA Board
of Directors. "Technology companies have a tremendous impact on Minnesota's
economy," she stated.
Minnesota ranked 2nd by employment in electromedical equipment
manufacturing with 10,900 workers, and 5th by computer and peripheral
equipment manufacturing with 15,200 jobs.
Nationally, Cyberstates 2005 shows that the high-tech industry is slowly
turning the corner. High-tech employment was down by only 25,000 jobs out of
5.6 million workers in 2004. U.S. high-tech exports were up by 12 percent for
a total of $191 billion in 2004. And, technology related venture capital
investments were up for the first time in four years.
This eighth annual edition of Cyberstates provides a comprehensive review
of the high-tech industry nationally and state-by-state by high-tech
employment, wages, payroll, establishments, and trade. Cyberstates also
offers data on venture capital investments and R&D expenditures.
AeA members can purchase the report for $95; non-members for $190. Visit
http://www.aeanet.org to download the report, or call 800.284.4232 or
408.987.4200.
What Does High Tech Mean for Minnesota?
-- 124,900 high-tech workers (17th ranked cyberstate)
-- 9,300 jobs lost between 2002 and 2003
-- High-tech firms employed 57 of every 1,000 private sector workers in
2003, ranked 17th nationwide
-- High-tech workers earned an average wage of $64,300 (18th ranked), or
66% more than Minnesota's average private sector wage
-- A high-tech payroll of $8.0 billion in 2003, ranked 17th nationwide
-- 7,300 high-tech establishments in 2003, ranked 16th nationwide
-- High-tech exports totaled $5.2 billion in 2004, ranked 8th nationwide
-- High-tech exports represented 41% of Minnesota's exports, ranked 9th
nationwide
-- Venture capital investments of $351 million in 2004, ranked 11th
nationwide
-- Venture capital investments increased by $129 million in 2004, ranked
6th nationwide
-- R&D expenditures of $5.2 billion in 2002, ranked 15th nationwide
Minnesota's National Industry Segment Rankings:
-- 2nd largest electromedical equipment manufacturing employment with
10,900 jobs
-- 5th in computer and peripheral equipment manufacturing employment with
15,200 jobs
-- 7th in measuring and control instruments manufacturing employment with
9,300 jobs
-- 8th in electronic components manufacturing employment with 8,400 jobs
Source: Cyberstates 2005
Data are for 2003 unless otherwise noted.
2003 data are the most current for state employment, wages, payroll,
establishments, and industry segment jobs.
Published by AeA, Advancing the Business of Technology
( http://www.aeanet.org )
SOURCE Minnesota High Tech Association
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Related links:
http://www.mhta.org
http://www.aeanet.org
Company News On-Call:
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CONTACT:
Peter Lindstrom of Minnesota High Tech
Association, +1-952-230-4555, plindstrom@mhta.org
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