Monday, June 2, 2008

MITX reports digital industry booming in Mass.

By Mass High Tech Staff

The Massachusetts Innovation & Technology Exchange reports that despite a sluggish national economy the local digital industry is thriving and contributing to the local economy.

MITX reported that 2,877 digital marketing, media and technology companies operate in New England, employing 93,000 workers and generating revenue of $29 billion. And Massachusetts leads the region by employing 78,000 workers, contributing most of the revenue.

MITX, a Cambridge-based tech industry organization, revealed the findings as part of its first-ever market sizing survey for New England’s digital marketing, media and technology companies.

Based on the number of digital marketing employees, the area’s top 10 cities are mostly inside the Route 128 belt, the report shows. About 41,000 employees in the DMM&T market work in Boston, Cambridge, Waltham and Burlington. Other cities and towns in the top 10 ranking include Marlborough, Lexington, Nashua, Newton, Woburn and Andover.

In addition to the market sizing research, MITX members were surveyed to assess attitudes and expectations. Respondents indicated that they expect staffing to grow an average of 6 percent during 2008, with revenue growth during the last year expanding by 14 percent, the report shows.

When questioned if the economy has affected growth prospects, 34 percent of the respondents answered “not at all,” compared with 5 percent indicating that the economy is significantly affecting growth. Also, 52 percent of the companies surveyed indicated that their businesses will increase significantly during the next three years.