Over the next five years, Missouri is expected to be a top 10 state for tech manufacturing job growth.
That’s according to a new report, “Technology2030,” from the Missouri Chamber Foundation. The Missouri Chamber Foundation works with Economic Leadership, a consulting firm that specializes in evaluating state technology performance, to build an annual report that demonstrates the current state of the tech sector in Missouri. This is the fourth “Technology2030” report.
The research is part of the Missouri Chamber Foundation’s overarching Missouri 2030 strategic plan, a data-driven initiative to reposition our state as a global economic leader.
“The findings of this report show that Missouri remains an emerging hub for the tech sector,” said Kara Corches, president and CEO of the Missouri Chamber of Commerce and Industry. “There is a lot of momentum right now, particularly in tech manufacturing. Additionally, emerging tech areas like AgTech, artificial intelligence, cybersecurity and FinTech have all seen job postings increase in recent months. We need to make sure Missouri has a sufficient workforce pipeline to support these opportunities.”
Researchers with Economic Leadership reviewed and compared the economic performance of Missouri’s technology industry with that of other states using the latest data available (primarily 2023 statistics). They also ranked Missouri on “tech infrastructure” metrics. These are factors that influence the technology sector, such as research and development funding and talent availability.
According to “Technology2030,” the tech industry is vitally important to Missouri’s overall economy. Technology accounts for over 5 percent of Missouri’s employment and 10 percent of the state’s gross domestic product. Over the last five years, the tech industry added more than 14,000 net new jobs, the fourth highest number of jobs added by any industry in the state.
Missouri boasts a number of unique advantages. Its business costs, business taxes and housing burdens for workers are among the lowest in the country. Missouri also offers strong cost-of-living adjusted earnings. These factors have helped make Missouri the seventh fastest growing state in tech manufacturing jobs over the last five years. Missouri is also a top 10 state for diversity in the tech workforce.
However, despite growth in most facets of the tech industry, Missouri is not among the country’s fastest-growing tech economies. Looking ahead, the biggest challenges will be maintaining growth and finding strategic advantages to compete with the surging tech states in the Southeast and Intermountain West.
The report features seven recommendations to improve Missouri’s tech competitiveness:
“We believe Missouri could become a major player in several emerging tech subsectors,” Corches said. “This report highlights opportunities for policymakers, tech industry leaders and economic development professionals across the state to harness our competitive advantages and address deficiencies to help innovation thrive.”
To access the full report, click here.
