New Report Highlights the Benefits of Tech in the American Economy

Wednesday, May 6, 2020 - 3:30pm

WASHINGTON, D.C. - The U.S. Chamber of Commerce’s Technology Engagement Center (C_TEC) today revealed key findings on the way that technology is changing lives and shaping the future of work and life in America.

The report, “TecNation: How the American Economy is Benefitting from Innovations in Technology”, is the result of a year of events and discussions around the country with local chambers of commerce, businesses across several industries, academia, and government officials. While the TecNation tour occurred prior to the coronavirus outbreak, many of the issues discussed and subsequent key findings in our report are even more timely and relevant both to the immediate response to the pandemic as well as transitioning the economy out of the crisis.

“Technology is a key component of our response to the economic fallout caused by the coronavirus outbreak,” said Tom Quaadman, Executive Vice President of C_TEC. “As the nature of work and life is undoubtedly altered from this experience, our report reveals key areas of technology we need to focus on to ensure we are fully leveraging the power of innovation moving forward.”

Key findings include:

  • The responsible use of data by both government and the private sector can improve quality of life, including but not limited to educational health care and transportation systems, and contribute significantly to economic growth and recovery. During the pandemic, technology companies have utilized data to help broaden understanding of the virus, identify drug compounds, map the spread, and more.
  • A “digital skills” gap is making it difficult for employers to find qualified workers for positions that require technological proficiency. The changes and innovations resulting from the pandemic will only make this issue more critical.
  • The nationwide deployment of broadband technologies like 5G will help cities, particularly those with high density populations, rely on technology to operate more efficiently for their residents. The gradual re-opening of businesses, transportation systems, and public facilities will also need to utilize technology and data in order to maintain public health.
  • Rural businesses and economies can also benefit from greater access to technological and digital tools which allow them to sell goods or services online. This will help them compete in an economy where shopping and delivery habits of consumers may be permanently changed.

TecNation 2019 was a nationwide campaign to inform the public and policymakers about the way that technology is changing lives and shaping the future of work and life in America. Events took place in Seattle, WA; Phoenix, AZ; Dallas, TX; Omaha, NE; Chicago, IL; Indianapolis, IN; Columbus, OH; Orlando, FL; Raleigh, NC; and Boston, MA.

Since its creation in 2015, C_TEC has advocated for rational policies that drive economic growth, spur innovation, and create jobs. C_TEC has sought to counter misguided criticisms of the technology sector, which threaten to bring about policies that are harmful for businesses and consumers. TecNation has been a central component of these efforts by drawing on policy and market expertise in order to educate the public as well as policymakers at the state and federal level.

As we tackle the pandemic, the early findings from the report have only become more evident that responsible policies enable technology and gig economy companies to serve communities and bring solutions to global issues.

Read the full report and review details from each TecNation event here.