Report Reveals Significant Rise in VC Investments in 2021 In Addition to Continued Job and Wage Growth
PHOENIX - June 16, 2022 - PRLog -- The Arizona Technology Council released its Q1 2022 Arizona Technology Industry Impact Report today. The report outlines the progress of the state's technology sector across critical growth metrics and highlights diversity statistics within the industry. A key takeaway from 2022's Q1 report includes a rise in technology industry investments, with venture capital funding increasing 162% since 2020 and total investments amounting to $2 billion last year.
"As our technology industry continues its rapid growth trajectory, new startups and investments are beginning to ascend as well," said Steven G. Zylstra, president and CEO of the Council. "There has been a lot of entrepreneurial activity throughout Arizona, with new companies forming to support existing industries, as well as new ideas and entirely new industries being created in our state. The data certainly points to an upcoming explosion of startup growth."
The report also found that the number of technology companies in Arizona jumped 8.17%, compared to 2021's Q4 report that outlined a 5.43% increase. Jobs within the technology industry went up 2.78% over the past year, creating nearly 2,000 more jobs in the state. Total wages within the technology industry also rose 1.88% over the past year.
Along with the increase in tech jobs, companies and wages, additional Q1 2022 highlights include:
- Arizona continues to lead the U.S. in employment growth within the satellite telecommunications and semiconductor industries and remains in the top two for aerospace products and parts manufacturing.
- The University of Arizona and Arizona State University are maintaining top spots along the nation's top research universities, according to new data from the National Science Foundation Higher Education Research and Development rankings.
New highlights in the Q1 2022 Report include:
- 2021 Year in Review: A Whirlwind of Growth
- MotorTrend Names Arizona-Based 'Lucid Air' Its 'Car of The Year'
- Economist: Workforce Could be Arizona's 'Biggest Opportunity and Biggest Risk'
- ASU Again Among Nation's Top Research Universities (https://www.aztechcouncil.org/asu-again-among-nations-top-research-universities/)
Download or view the complete report on the Council's website here (https://aztc.eimpactv2.report/reports/embed/5f08e79ae2cca70033382657). The report can also be found on www.aztechbase.com.
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