The digital technologies economy is growing at a rapid rate and contributing massively to the growth of the British economy.
The recent release of the TechNation report created by Tech City and Nesta has revealed the positive impact on Birmingham and the overall economy.
Prime Minister David Cameron was quoted in the report as saying:
Tech is truly transforming the way we do all kinds of business, right across the country.
Indeed, more than half of all digital jobs now aren’t in high-tech hubs of London or Leeds – they are in businesses of every description, in every sector – in those that would not traditionally be considered digital businesses at all”.
Birmingham has been contributing to the growth of the digital tech industry through incubator programmes such as Innovation Birmingham and Silicon Canal.
Major data and enterprise companies such as Majestic have also contributed to the rise in the local economy.
The data also reflects the impact this has had on the other industries growth within the city.
The report highlights the importance of incubators hubs, digital tech industry clusters and academic institutions entrepreneurship schemes.
The report highlighted that 53.1% of digital tech businesses would regularly seek experienced talent from clusters while 35.8% scouted Universities that were involved in local clusters.
Birmingham was highlighted in the report for its key contributions in the following areas of digital technology industries:
Key data from the report shows that the digital future of the West Midlands is looking positive for future growth.
With Birmingham generating £23.231billion GVA overall in 2014, the Digital Tech Industry was responsible for 4.87% of the overall GVA for the city.
In comparison to London, the GVA for 2104 was £363.310billion with tech industry generating £35.9billion towards the total GVA.
This shows that 9.85% of GVA is generated by the digital tech industry and is almost double that of Birmingham.
However given the population differences between the two cities, this would suggest that digital technology industries in Birmingham is growing but needs to continue positively.
You can download and view the ful report from The Tech City website here.
— Tech City UK (@TechCityUK) May 13, 2016