From home- and ride-sharing apps to TV and movie streaming subscriptions to social media platforms – Internet companies have transformed our lives.
Today the internet sector contributes approximately $1 trillion, or 6 percent of GDP, to the national economy, as well as 3 million jobs and 231,000 businesses. These digital economy jobs and businesses are thriving in almost every city — and in metro areas across the country.
The truth is undeniable: cities are shaping the next chapter in America’s history, and the digital economy is a driving force. While venture capital in the tech industry has historically concentrated in a handful of U.S. cities, metro areas nationwide are benefiting from the internet sector.
Local policymakers are demonstrating leadership and building deeper internet ecosystems, resulting in new businesses emerging everywhere. Meanwhile, cities across the country are popping up as new tech hubs by mixing unique cultural and historical traits with innovative policy approaches.
We believe that cities broaden this growth even further by highlighting success from the ‘ground up’ and diffusing the success of local innovation into the national policy dialogue. Those cities that best integrate digital technologies into their economies and ecosystems can achieve more for their residents — and those that do not could fall behind.