Demand in the technology sector has helped improve the economic strength in some metro areas as companies are looking to spend more on electronics and upgrade their software.
In July and August, high-tech product manufacturers in areas such as Boston, San Francisco and Dallas experienced high levels of sales and are operating at near maximum capacity, according to the Federal Reserve Board’s beige book.
Despite tighter budgets, many companies are looking to invest in new technology to decrease long-term spending and increase productivity. A company may purchase an energy-saving computer, an efficient lighting system or an HDMI projector for video conferencing, which helps reduce travel costs.
Meanwhile, IT providers saw significant revenue gains in areas such as Boston and Kansas City, and IT labor increased in Chicago as well.
The technology demand is good news for electronic manufacturers, technology service providers and the geographical areas that house those companies, according to the Wall Street Journal.
One area that has helped spur the market is the prevalence of sustainable technology. A recent report showed that as companies realize the benefits of investing in sustainable technology, the green energy industry will rise at a rapid pace.