The year 2010 saw both the bottoming out and the strong return of the tech sector, reports Bloomberg Business Week. Leading the comeback kids has been Oklahoma City which has been trying to take on Silicon Valley.
How does the tech sector look now? According to Moody's Analytics, the tech sector added 47,000 jobs this year. Put in perspective that means that while the overall national job growth was 11 percent, in the tech sector it was 15 percent. Some call this a 'new growth spurt.'
Why now? Here are some of the factors influencing the growth:
Demand from Asia and Latin America. This mostly takes the form of purchasing tech products such as PCs.
Stimulus funds. Thanks to this money, both government and corporate technology spending is up and when the year closes, it could total $758 billion.
Recovery of other sectors. Detroit, for example, is back. More and more sectors are now tech-centric.
Local/state government support. Build the infrastructure and industry will come. Oklahoma City is an example.