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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 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.

Espinel also serves as the President of Software.org: the BSA Foundation. Software.org is an independent and nonpartisan international research organization created to help policymakers and the broader public better understand the impact that software has on our lives, our economy, and our society.

Espinel served for a decade in the White House, for both Republican and Democratic Administrations as President Obama’s advisor on intellectual property and, before that, as the first ever chief US trade negotiator for intellectual property and innovation at USTR. She was also 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 before audiences 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 Future Council on the Digital Economy and Society. She 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. Follow her on Twitter: @victoriaespinel.

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