The overall impact of the software industry on the U.S. economy is close to $1 trillion, according to a recent report analyzing the effects, both direct and indirect, of this major field. This means that the industry accounts for 6 percent of the total U.S. gross domestic product. In Washington, for instance, software brought 6.1 percent to the state GDP and in California, the industry contributed with 90.5 billion to the state’s economy in 2014.
The size of the software industry has exploded over the past decade and software firms grew at almost twice the rate of the overall U.S. economy. In fact, software is now a vital part of the national economy. Between 2004 and 2014, direct contributions from the industry grew by 78 percent.
The study also found that over the same period, the number of jobs in software grew by 39 percent. By 2014, roughly 10 million people have worked either in software or in a position supported by the industry. In Virginia, 4.17 percent of the local labor force was employed in software-related jobs. In Washington, about 3.6 percent worked in the field and in Massachusetts, about 3.3 percent of the total number of employees worked in software.
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