Our economy has three sectors. They are the primary, secondary / manufacturing and tertiary / service sectors. Across those sectors we have what are called advanced industries.
SO WHAT COMPRISES THE ADVANCED INDUSTRIES?
Companies in the advanced industries are those that rely heavily on advanced workforces who are well versed in STEM and R&D oriented fields. These companies are very diverse and span across approximately 50 different industries such as manufacturing, energy and service.
To be more specific, these companies are those who focus on aerospace, medical devices, biotech, cleantech, energy with a technology focus, cloud computing and information technology services, R&D, such as artificial intelligence or robotics, software, telecommunications and even automotive technology.
Looking specifically at San Diego, the region is home to 14 of these advanced industries. Our advanced industries include R&D, cleantech, maritime robotics, life sciences, biotech, defense and many more.
These types of companies are propelling the nation and our city into the future, helping to digitize and hybridize products and services.
ADVANCED INDUSTRIES ARE IMPORTANT TO CITIES LIKE SAN DIEGO
These technology focused roles and companies are important to our local economy because they not only help the city evolve and move forward, they also generate wealth within our region.
A study by SanDiegoBusiness.org shared that San Diego ranked 2nd for the national average in annual pay for employees in scientific R&D, including biotech, cleantech, defense, and aerospace careers. The average annual salary for these employees is $176,000.
But it’s not just the individual employed in the advanced industry who benefits from this higher paying job. A study by the Brookings Institution states that, “every new advanced industry job creates 2.2 additional domestic jobs.” This proves the wealth generated is not beholden to a single individual but rather disseminates out into the community.
SUPPORTING THE ADVANCED INDUSTRIES IS IMPORTANT
As you can see these industries have positive economic effects where they conduct business. At Cox we see the value of advanced industries and the technology they unlock. As an organization, we seek to advance the telecommunications industry. But we also take great pride in supporting our community and the industries that support us.
This pride in community and partnership is what led Cox Business Vice President, Larry Coval to create an event that honors service individuals in information technology. The event is called the Top Tech Exec Awards. Learn more about the Top Tech Execs event and how you can support the information technology leaders of San Diego by visiting www.toptechexecs.com.
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