The technology industry generated more than $75 billion in economic output and directly accounted for 9 percent of employment in Colorado, according to the results of a report prepared for an industry group.

“This report provides detailed information on our growing technology industry and work force in Colorado and the immense impact the industry has on our state. It’s an exciting time to be a part of Colorado tech,” said Frannie Matthews, president and chief executive officer of the Colorado Technology Association.

Ted Abernathy — managing partner of Economic Leadership, the research group that  prepared the report —agreed. “The data is clear. Colorado is among our country’s top tech states, with growth occurring broadly across many technology sectors. The future looks even brighter.”

The Colorado Technology Association, a nonprofit organization representing more than 300 companies, released the report at its annual tech summit in Denver. The report includes more than 80 data points on the effects of the sector on the economy, work force and communities.

The technology industry generated more than $76 billion in gross state product, the broad measure of goods and services produced in the state, in 2021. That accounted for 18 percent of total economic output in Colorado for the year.

The tech sector also directly accounted for 9 percent of employment in the state in 2021. The tech industry added 38,300 net new jobs over the past five years, the most of any sector.

“Tech is far reaching in Colorado, where we have a strong tech ecosystem that permeates virtually every industry,” Matthews said. “Organizations are rapidly digitizing their businesses, and this was accelerated by the COVID-19 pandemic as companies leveraged technology to find better ways to work and connect. We believe this trend will continue at an even faster pace, and we expect there will be an ever-increasing need for a strong technically skilled work force.”

Employment in the information technology industry in Colorado increased 22 percent from 2016 to 2021, the seventh fastest growth rate in the United States.

IT employment is expected to increase 12 percent over the next five years, the third highest growth rate forecast among the 50 states.

Standardized by the size of state economies, Colorado ranked sixth for securing access to venture capital with software as a service as a driving force.

Work force shortages remain a challenge for the tech industry in Colorado, however.

“We know these tech positions have the potential to pay nearly double the average wages in the state and have a lower turnover rate. The organizations that are successful in attracting and retaining talent are implementing new and creative ways to address their work force needs,” Matthews said.

“It’s important that this opportunity is equitable across all of the individuals in our community, and that is something CTA is focused on collaborating with our community and partners on in the months ahead,” she said.