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itif.org

How the IT Sector Powers

the U.S. Economy

ROBERT D. ATKINSON | SEPTEMBER 2022

The information technology (IT) sector makes an outsized contribution to the U.S. economy as a

leading exporter that creates high-paying jobs, including for non-college-educated workers, while

producing highly innovative products and services that drive broad-based growth, counteract

inflation, and improve people’s quality of life.

KEY TAKEAWAYS

▪ Industries vary in the relative contributions they make to national economies. The IT sector

(which many call the “tech sector”) distinguishes itself with high-paying jobs, low price

inflation for consumers, strong exports, and superior innovation.

▪ Nearly one-fifth of all private sector jobs in the U.S. economy (19 percent) are enabled by IT,

through either direct employment in the industry, IT supplier jobs, or IT-induced jobs.

▪ Overall, the average annual compensation per worker in the IT industry is more than double

the average U.S. private sector wage. And among non-college-educated workers, the sector

pays approximately 50 percent more than non-IT industries do.

▪ The IT sector accounts for more than one-fifth of all employment in sectors that engage in

trade, more than one-quarter of business establishments engaged in trade, and one-quarter of

U.S. traded-sector value added.

▪ IT products and services are key production inputs for many other industries. As of 2019,

they were contributing 0.35 percentage points out of the economy’s 2.14 percent overall

growth in value added.

▪ IT-based products and services also are deflationary: They have been getting significantly

cheaper compared with the rest of the economy, while having an outsized impact on

improving quality and boosting efficiency across all sectors.

INFORMATION TECHNOLOGY & INNOVATION FOUNDATION | MONTH 2022 PAGE 2

CONTENTS

Key Takeaways ................................................................................................................... 1

Introduction ....................................................................................................................... 2

IT in the U.S. Economy ....................................................................................................... 4

Total Jobs, Including the Mulitplier ...................................................................................... 6

Share of Traded Sectors ...................................................................................................... 7

Good Jobs, Including for Non-College-Educated Workers ........................................................ 9

Use of IT by Other Industries ............................................................................................. 10

IT-Intensive Industries and Inflation ................................................................................... 10

Conclusion ...................................................................................................................... 11

Appendix 1: Methodology .................................................................................................. 12

Appendix 2: Differences Between This ITIF Report and the Commerce Department’s Digital

Economy Report ............................................................................................................... 15

Endnotes ......................................................................................................................... 16

INTRODUCTION

Industries vary in the relative contributions they make to national economies: Some pay their

workers more than others do. Some raise their prices more slowly than others do—or even reduce

their prices over time. Some export, which expands their production and shifts the overall

economy toward greater competitiveness and productivity, enabling average workers to better

afford imports. And some innovate more than others, thereby driving economic growth and

improving people’s quality of life.

America’s IT industry has all these qualities: high pay, low

price inflation for consumers, strong exports, and superior innovation. This report relies on the

latest data available from the federal government to examine the key role and contributions of

the IT industry in the U.S. economy. Appendix 1 describes the methodology.

The U.S. IT sector (which many refer to as the “tech sector”) includes industries such as

computing, data storage and processing, IT components, information services, semiconductors,

and software. The sector employed 5.9 million workers in 2020, accounting for 4.4 percent of

U.S. private sector jobs.

These workers earned more than double the average U.S. wage.

Taking

into account the multiplier effect, the industry supports 19 percent of all U.S. jobs.

The IT sector also is an important source of well-paying jobs for non-college-educated Americans.

The sector pays such workers approximately 50 percent more than do non-IT industries.

Importantly, the lion’s share of the sector is globally traded, meaning it exports products and

services and competes with production from other countries. As a share of U.S. industries that

compete in the global economy, the IT sector accounts for 28 percent of establishments, 22.4

percent of jobs, and 30.7 percent of payroll expenditures.

But given the ferocity of the global

competition for leadership in the IT sector, the United States should take none of this for

granted.

INFORMATION TECHNOLOGY & INNOVATION FOUNDATION | MONTH 2022 PAGE 3

Finally, the IT sector is important not just because of its direct impact on the economy in terms

of jobs and income, but also because of its indirect effect on organizations using IT to improve

quality and productivity, whether they are for-profit companies, nonprofits, or governments. This

is why there is a modest negative correlation between an industry’s use of IT and inflation over

the last decade. In other words, industries that use more IT raise prices at half the rate than does

the overall economy—and those savings are then passed onto American consumers.

More broadly, the nation’s most strategically important industries have three main

characteristics—they are driven by advanced technologies, they are globally traded sectors, and

they serve the dual purpose of contributing to both economic and national security—and even

among the select group that meet those criteria, the IT sector is a standout for the United States,

punching 35 percent above its weight in the global marketplace. That is, the U.S. IT sector

represented nearly one-third of the global IT market in the most recent comparative data

available from the OECD (32.1 percent), which was 35 percent higher than the U.S. share of the

overall global economy.

This is a telling measure of industry concentration known as location quotient (LQ), and as

shown in figure 1, the trend line for the U.S. IT sector has been distinctly positive in recent

decades: Its relative global market share went from 1.08x in 1995 (i.e., 8 percent higher than

the size-adjusted average among 66 countries in the OECD’s dataset) to 1.35x in 2018 (or 35

percent above the relative average). In fact, if not for the IT sector’s contribution, America’s most

strategically important advanced industries as a group would have receded precipitously in that

period in the face of surging competition, particularly from China. The IT sector thus represents a

core strength that U.S. policymakers should not take lightly.

Figure 1: U.S. performance in advanced industry sectors

10%

20%

30%

40%

Other

Transport

Equip.

IT & Other

Info.

Services

Pharma. Computer,

Electronic

& Optical

Machinery

& Equip.

Motor

Vehicles

Electrical

Equip.

Total Total

Minus

IT & Info.

Services

Size-Adjusted Average (LQ)

Global Market Share

1995 Share 2006 Share 2018 Share 1995 LQ 2006 LQ 2018 LQ

INFORMATION TECHNOLOGY & INNOVATION FOUNDATION | MONTH 2022 PAGE 5

In 2020, the industry employed 5.9 million workers.

From 2017 to 2020, IT jobs grew more

than twice as fast as total U.S. private sector jobs did (10.7 percent vs. 4.3 percent).

Jobs in

IT hardware grew by 1.5 percent, in part because of faster productivity growth, while jobs in IT

services and software grew by 12.4 percent.

Using a more expansive measure of the digital

economy—which includes much of retail that uses e-commerce, telecommunication services,

and some entertainment services—the Department of Commerce report shows the industry

employed 7.8 million workers in 2020.

Figure 3: IT industry’s share of the total U.S. economy

Using the ITIF industry definition, in 2020, the IT sector accounted for 3.5 percent of all

business establishments and 4.4 percent of private sector employees, meaning the average IT

firm was about 27 percent larger than the average private sector firm.

However, because the IT

industry pays so well, it accounted for 9.5 percent of all private sector wages.

(See figure 3).

As a measure of industry contribution to the economy, the most accurate measure is value

added, the result of subtracting the cost of purchased inputs (e.g., raw materials, energy, etc.)

from final sales. In 2020, the IT industry generated $1.2 trillion in domestic value added,

approximately 5.5 percent of the U.S. economy.

Value added in the IT sector grew by $600

billion (109 percent) from 2010 to 2020, with data processing, Internet publishing, and other

information services growing the fastest at 215.1 percent.

Overall, U.S. gross domestic product

(GDP) grew 39 percent over the same period.

The Department of Commerce found that the digital economy accounted for 10.2 percent ($2.14

trillion of value added) of U.S. GDP in 2020.

According to the Department, from 2012 to

2020, the digital economy’s average real (inflation-adjusted) annual growth in value added was

6.3 percent.

The Department’s data also highlights that the digital economy’s real value added

grew 151.4 percent from 2005 to 2020.

(See figure 4.)

0% 5% 10% 15% 20% 25%

Exports

Payroll

Value Added

Employees

Establishments

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