CTA Report Highlights Consumer Technology Sector as a Major Driver of the U.S. Economy

SEATTLE (Scrap Monster): The new report published by the Consumer Technology Association (CTA) highlights consumer technology sector as a major driver of U.S. economy. According to the report titled “U.S. Economic Contribution of the Consumer Technology Sector”, the consumer tech sector accounts for nearly 12% of the U.S. GDP, contributing nearly $2.3 trillion to the country’s economy.

The sector offers employment-either directly or indirectly- to nearly 18.2 million Americans and provides nearly $1.3 trillion in annual wages. The sector contributes $503 billion in taxes every year. As per estimates, for every job created, it supports nearly three non-tech jobs. The economic impact of the sector extends to various supply chain companies operating in other related sectors as well.

According to the report prepared by PricewaterhouseCoopers, the consumer technology industry directly employed 5.1 million workers and supported an additional 13.1 million jobs in 2017. The compensation of workers directly employed in the sector was 82% higher than that of the overall economy.

Gary Shapiro, president and CEO, CTA noted that the industry has been continuously delivering 19% jobs impact growth and 22% growth in overall economic impact since 2016, thus making it an essential driver of the nation’s economy. The projected advancements in 5G, artificial intelligence and quantum computing will boost demand for tech-related goods and services, Shapiro added.