The numbers have been sliced and diced in a number of different ways.
And they are all impressive.
In 2017, tech-dependent industries contributed more than $27.6 billion in regional impact across the M7 region — an acronym that factors in Milwaukee County and other neighboring Southeastern Wisconsin areas, including Kenosha, Ozaukee, Racine, Walworth, Washington and Waukesha counties.
This past year, technology also has been credited with employing 75,900 workers in the region and could create even more job opportunities in the next half-decade — to the tune of 31,000 new positions.
The figures are encapsulated in a new 27-page report, “Milwaukee’s Tech Talent Impact,” which was released June 26 amid a community event that brought together leaders in academia, business, government and technology to discuss the tech talent impact on the M7 region.
The tech talent report has been touted as a first-of-its-kind study for the M7 region and was created with the assistance of 21 disparate companies and nonprofit organizations.
Northwestern Mutual, which is in the midst of launching a new innovation center known as Cream City Labs, was among the participants. (Disclosure: Northwestern Mutual is a founding partner of Wisconsin Inno.)
In a statement, John Schlifske, chairman and CEO of Northwestern Mutual, said the study further illustrates the importance of having a forward-thinking approach to doing business.
“Technology is rapidly accelerating the pace of change and the need for talent across many industries,” Schlifske said in the statement. “This study demonstrates the increasing economic impact of technology talent in our region and helps us better understand the needs for future growth.”
While Milwaukee has long been synonymous with manufacturing, Nick Turkal, president and CEO of another participating organization, Advocate Aurora Health, said the data gleaned from the report solidifies the reality the city and surrounding region is undergoing a metamorphosis.
“Southeastern Wisconsin is no longer just a manufacturing region,” Turkal said in a statement. “Our call to action is for employers, higher education and workforce development agencies to make investing in our digital workers and emerging technologies across fields … a top priority for the region.”
Throughout its pages, the study digs into various facets of the tech-dependent job sector.
Among the notable findings was the revelation that 75 percent of the tech talent in the M7 region work in one of three categories: computer/mathematical, engineering and business/financial.
In total, the M7 region’s tech talent cluster consists of 89 occupations.
While business leaders in established and startup businesses have stated the 2017 figures in the report are impressive, forward-looking data suggests the numbers will only continue to climb.
The basis for the optimism, as outlined in the report, is the pace of growth of tech talent workers, which exceeds the overall rate of growth in the region outside the tech-dependent sphere.
Between 2010 and 2017, the tech talent cluster grew 8 percent in M7, compared to 7.1 percent for all other occupations within the same geographic footprint.
Other local companies and organizations taking part in the study included Baird, Dynamis, Foxconn, Gener8tor, Graef, Johnson Controls, Kohl’s, Miller Coors, Milwaukee Brewers, Milwaukee Bucks and the Milwaukee Institute.
Additional participants included Pendio, Penrod, Rockwell Automation, Safenet, Scanalytics Inc., Skills Pipeline, SysLogic and West Bend Mutual Insurance Company.
Two firms specializing in studies and data analysis worked with the 21 participants in preparing the document: The Huls Group and TIP Strategies.
