What does this indicator
measure?
This indicator measures the readiness of the Dallas workforce to
successfully compete in the new technology-driven
economy.
Why is this indicator
important?
Over the past 20 years, the U.S. economy has undergone a shift from
a manufacturing economy to a service-driven economy. This
shift has prompted a growing need for skilled professionals capable
of utilizing the rapid changes in technology and information
systems. “Attracting Young Professionals to Your
Community: Why? And How?” is a September 2005 report
written by K. Bullard and published by AngelouEconomics that stresses the importance of an
appropriately trained workforce. The report states:
Experts point out that information and
knowledge are replacing capital and energy as the primary
wealth-creating assets in today’s economy. Technology and
knowledge are now primary production factors. Technological
advances allow information to be instantly transmitted across the
world, and the primary competitive advantage a company possesses is
its process of innovation and its ability to derive value from
information.
This requires that employees contribute
innovative ideas to increase productivity and quality, reduce
costs, and develop solutions rather than merely point to problems.
To succeed, workers need more education, advanced skills, and
a culture that is adaptable to the rapidly changing world in which
their employers operate.
A strong base of technologically
skilled workers will be the basis for success during the continued
development of the “New Economy”. Technology-driven
companies, as well as “Old Economy” companies, rely on
the technological skills of their workforce to keep pace with
competition and provide services to a society driven by a
technology-information economy. The availability of highly
skilled workers is a key component to companies’ decisions
regarding location and expansion. These high-paying, highly
technical jobs boost the area's wealth and economic base.
A strong technology workforce is a function of the ability to
produce skilled workers internally through education and training,
to attract new talent from other areas, and to maintain the
workforce with a solid business base. Dallas has been able to
attract skilled talent because of its solid technology business
base, coupled with the recognition of Dallas as a leading
metropolitan center. This has occurred in spite of the low
number of major research universities on a par with other cities
such as Boston. While this system has worked, it would likely be
easier to maintain the workforce and attract business if Dallas had
a strong pipeline of scientists, engineers, and information
technology (IT) personnel coming through the city’s
universities.
How are we
doing?
- In 2001, the National
Science Foundation reported that Texas produced 5.7% of the
nation’s doctoral scientists and engineers, up from 5.5% in
1997.
- According to the Center for Economic
Development’s “2004 development report card for the
states” technology employment accounted for 6.96% of
the total employment in the state of Texas in 2002. In
comparison, Washington and Colorado ranked first and second in
technology employment in the United States at 10.81% and 10.37%,
respectively.
- In a study conducted by the Progressive Policy
Institute (PPI) titled The Metropolitan New Economy Index, U.S.
metropolitan areas were ranked based upon technological factors
that may influence economic vitality. In the report released
in 2001, Dallas was ranked 44th in the nation in a weighted measure
of science and engineering degrees granted as a share of the
workforce. The study ranked Austin second, behind
Raleigh–Durham, North Carolina, a ranking which is likely
driving Texas’ ranking as 30th as reported in PPI’s
2002 State New Economy Index.
- In 2001, 1,598 science and engineering
doctorates were awarded in Texas, or 6.3% of the nation’s
successful doctorate candidates.