Since the launch of the Roanoke Blacksburg Innovation Alliance (formerly Verge) in 2020, the Roanoke-Blacksburg region has witnessed a remarkable transformation in its business landscape, marked by a staggering 53% increase in new establishments. This influx of startups has not only invigorated the local economy but has also significantly impacted employment trends, particularly within the technology sector.
Employment Trends In the RBTC Tech Industry
The data reflects a robust annualized employment growth rate of 2.8% within the RBTC Tech Industry Market Index* over the past four years, in stark contrast to the 0.3% growth experienced by other industries in the region. This divergence highlights how the tech sector has emerged as a leading force in job creation, largely as a trailing indicator of the surge in business startups.
For instance, as indicated in the RBTC Tech Industry Member Index, key industries within this sector demonstrate varying employment dynamics. Notable performers include:
- Computer Systems Design Services with 1,022 employees and an annual wage of $114,934, experiencing a 5.8% growth.
- Custom Computer Programming Services adding 173 jobs, reflecting an 8.9% increase.
- Administrative and General Management Consulting Services and other sectors also showed healthy growth, underscoring the overall positive trend.
The average annual wage across these industries stands at $102,854, indicating that these jobs not only provide employment but also contribute significantly to the economic well-being of the workforce.
A Visual Perspective On Employment Growth
Employment trajectory for Roanoke-Blacksburg MSA
The accompanying graphs illustrate the employment trajectory for the Roanoke-Blacksburg MSA, revealing a consistent upward trend in covered employment since 2020. The four-quarter moving average highlights a peak around 2022, followed by a slight stabilization, demonstrating resilience in the tech sector even amidst broader economic fluctuations.
The Future of the Regional Tech Sector Is Bright
The correlation between the increase in business establishments and the subsequent job growth in the tech sector serves as a compelling narrative of economic revitalization. As the Roanoke Blacksburg Innovation Alliance (RBIA) continues to foster entrepreneurship, the Roanoke-Blacksburg region stands poised for sustained growth, driven by innovation and an expanding workforce. The data not only reflects the current health of the job market but also paints an optimistic picture for the future, affirming that strategic support for startups is key to driving employment in a rapidly evolving economy.