The lastest Tech Nation report has been published. The report is produced by Tech City UK, the UK government backed tech business support organistion.
The report, which is produced annually, covers the state of the UK’s digital economy and shows that not only is the tech sector creating jobs twice as fast as the wider economy, but also that these are well-paid and productive jobs that will help the UK economy grow its productivity.
Tech workers contribute £103,000 a year in Gross Value Added (Digital Economic Contribution) to the wider economy, more than twice the value of each non-tech worker, who adds £50,000. Moreover, the gap is widening: in the last five years the productivity gap between tech and non-tech workers has increased from £48,000 to £53,000. The publication also demonstrates how the UK’s digital economy is now attracting more new investment than any other continental country. In 2016, the UK continued to lead all other European nations in terms of the size and value of its tech sector. Investors from around the world ploughed £6.8bn into the UK digital sector, significantly more than its closest rival, France, which secured £2.4bn.
The report identifies that the average advertised salary for digital-tech jobs has now reached £50,663 a year, compared with £35,155 for the average non-digital salary, a rise of 13 per cent since 2012.
Bristol and Bath Tech cluster Key Facts
The region makes a significant contribution to the UK economy with new investment from Oracle, Dyson, Strava and Cookpad, as well as local growth from Ultrahaptics, BluWireless Technology and Graphcore who have all secured significant investment in recent months.
Digital Turnover – £8.1 billion – top 5
Digital Business Turnover Growth – +87% – top 5
Digital Gross Value Added – £1.7 billion
High Growth Digital Businesses – 17.4%
Average number of startup births per year – 225 (2011 – 2015)
Advertised Digital Salary – £47,063
Bristol & Bath digital tech economy jobs – 35,924
Bristol and Bath Tech People say:
Quality of life is good (92% )
Digital growth optimism is good (88%)