US Consumer Tech Sector Is Productive, PwC Finds for CTA
The U.S. consumer tech sector in 2017 “directly provided” 5.1 million jobs, generated $2.1 trillion in output and contributed $1.1 trillion to GDP, said a CTA-commissioned PricewaterhouseCoopers report Monday. PwC estimates the sector’s “economic multiplier,” which calculates the ratio of…
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the sector’s total economic contribution to its “direct effect,” ranges 2.03 (for total output) to 3.59 (for employment). The average consumer tech “direct job” paid roughly $111,000 in salary in 2017, about 82 percent higher than that of the overall economy, said the firm. “Including indirect and induced employment, the average labor income per consumer tech-supported job is about $72,000, or 19 percent higher than the average for the overall economy.” CTA President Gary Shapiro said tech's "effects go beyond just the products our industry sells -- we drive productivity for virtually every sector."