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The $1 Trillion Economic Impact of Software

cover-techpost-275Today, I’ll be at New America talking about the impact software has on the economy. Software is at the forefront of American innovation — laying the groundwork for advances that promise to make businesses more efficient, jobs more plentiful, opportunities more pervasive, and the economy even more prosperous.

BSA | The Software Alliance has released “The $1 Trillion Economic Impact of Software,” a first-of-its-kind study conducted by researchers at The Economist Intelligence Unit (EIU) to quantify software’s impact on the US economy.

Here are a few key findings:

  • Software supports nearly 10 million jobs nationwide.
  • Software drives economic gains in all 50 states.
  • The average annual wage for a software developer is $108,760. That salary, along with big career prospects and satisfying work is why Glassdoor named “data scientist” as the best job for 2016 and CNN named “software architect” as the number one job for 2015.

Software jobs are interesting high paying jobs — but we need more engineers and coders.

Our industry has more jobs than we can fill. The Department of Labor projects that by 2020, US universities will only be able to fill less than one-third of 1.4 million computer specialist job openings. We need to encourage more young people to pursue science careers, including computer science.

I will be discussing the study’s findings, as well as the need to expand the pipeline of software talent, at a New America event today called “Software’s Economic Impact + The Drive for Talent.” I will be joined by Ryan Burke, Senior Policy Advisor, National Economic Council, The White House; Mark Doms, PhD, Former Undersecretary for Economic Affairs, Department of Commerce; Lisa Guernsey, Director of New America’s Learning Technologies Project; Melissa Moritz, Deputy Director of STEM, Department of Education; and Cameron Wilson, COO and VP, Government Relations, Code.org.

The full study, along with detailed summaries of the findings, is available at www.bsa.org/softwareimpact.

Victoria Espinel

Author:

Victoria Espinel, President and CEO of BSA | The Software Alliance and President of Software.org: the BSA Foundation, is a respected authority on the intersection of technology innovation, global markets and public policy. She leads strategic efforts that help shape the technology landscape in 60 countries through work in BSA’s 10 global offices.

Prior to heading BSA | The Software Alliance, Espinel served for a decade in the White House, for both Republican and Democratic Administrations. Espinel advised President Obama on pivotal IP issues in her role as the first US Intellectual Property Enforcement Coordinator. She was the chief US trade negotiator on IP innovation as the nation’s first Assistant United States Trade Representative for Intellectual Property and Innovation. She has also served as a professor of international trade and intellectual property at the George Mason School of Law.

Espinel is a founding and ongoing co-sponsor of Girls Who Code’s Washington, DC, summer immersion program, which empowers young women to pursue careers in STEM fields. She speaks at conferences around the world to build visibility for the amazing things people can do with software, and encourages businesses, governments, and the public to support a policy environment that will enable even more software breakthroughs.

Espinel chairs the World Economic Forum’s Global Agenda Council on the Future of Software & Society and was appointed by President Obama to serve on the Advisory Committee on Trade Policy and Negotiations (ACTPN), the principal advisory group for the US government on international trade. She holds an LLM from the London School of Economics, a JD from Georgetown University Law School, and a BS in Foreign Service from Georgetown University’s School of Foreign Service.

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