Report: Montana High-Tech Companies Growing Faster Than Average
Economists at the University of Montana recently released a report showing that high-tech companies generated approximately $1.5 billion in revenue statewide in 2016, while growing at a rate seven times faster than the rest of the state's economy.
The study found that Montana's high-tech employment sector expects to add more than 960 new jobs statewide in 2017, paying average salaries of $60,000, which is more than twice the average annual earnings per worker. As a reference of comparison for this data, high-tech and manufacturing companies added approximately 940 new jobs in 2016.
Compared to other major tech hubs like Silicon Valley, Denver, Austin or Seattle, Montana has a much lower relative cost of living. Capitalizing on that fact, prospective companies and those already located in Montana have the added benefit for their employees to take advantage of lower housing prices while still enjoying a pay-scale comparable to larger urban areas.
“This new industry survey confirms what we already know – that Montana's fast-growing technology sector and high quality of life benefit our employees," said Matt Rizai, chairman and CEO of Workiva, a tech company with offices in Missoula and Bozeman. "We have been very pleased with the high caliber of technology talent in Montana, particularly software developers from Montana State University and the University of Montana.”
This annual survey showcased Montana’s positive business climate and its network of business resources. These resources include universities, nonprofits, banks and government, which all play a role in helping Montana's economy and entrepreneurs succeed.
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