Looking forward, this year’s report projects the US’ tech industry to be responsible for 8.9 million jobs in 2022, including 178,000 net new jobs. Part of that growth comes from a 5% year-over-year increase in the number of tech businesses in the country, which now number 507,000.
Despite losing an estimated 264 workers between 2020 and 2021, the Baltimore area is expected to gain 2,260 tech jobs this year. Some of that prior loss could be attributed to the moves to the metaverse that local tech giants like Mindgrub recently made. But it’s also easy to envision more jobs on the horizon, with companies like Fearless winning federal contracts worth $120 million before using that money to fund tech incubators like Hutch and support more job growth.
The industry’s capital also suggests that trend will only continue, with CompTIA finding that the median tech occupation wage is 125% higher than the median national wage. The report also noted that the tech industry increasingly drives national economic trends, comprising $1.8 trillion worth of economic output that amounts to 9% of the total U.S. economy. In Baltimore, the tech industry accounts for almost 10% of the local economy, with an economic impact of $19 billion. All of that contributes to a projected growth rate for the industry that is nearly twice the expected national job-creation rate.
Leading tech occupations for Baltimore, according to CompTIA’s State of the Tech Workforce report. (Screenshot by Donte Kirby)
Baltimore Tracks, which is committed to improving racial equity in the local tech community, hired a consultancy firm last year to conduct a DEI report and give a snapshot of diversity in the local tech ecosystem. This CompTIA report gives a fuller picture of a tech economy set to boom that will (hopefully) include all Baltimoreans.
Breakdown of tech workforce by demographics in Baltimore Metro. (Courtesy of CompTIA)