Internet-related jobs grow by 650,000 during 1999
The Internet Economy supported an additional 650,000 jobs in 1999 as revenues soared to $523.9 billion, according to a report.
The Internet Economy supported an additional 650,000 jobs in 1999 as revenues soared to $523.9 billion, according to the University of Texas at Austin's Center for Research in Electronic Commerce.
The Internet Economy now directly supports 2.476 million workers, more than the insurance, communications and public utilities industries and twice as many as the airline, chemical and allied products, legal and real estate industries.
Some of the jobs were newly created due to the explosion of the Internet, while others reflect companies shifting workers to take advantage of opportunities in the Internet Economy.
In addition, revenue for Internet Economy companies grew at an annual rate of 11% from 1998 to 1999, nearly three times the growth rate of the economy as a whole for the same period.
“The fact that both Internet job growth and revenue-per-employee rates are rapidly increasing at the same time underscores the profound impact the Internet Effect is having on productivity. The findings point to an Internet Century of dynamic growth and change in the economic landscape,” said John Chambers, president and CEO of Cisco Systems.
In a comprehensive report on the Internet’s impact on the economy, the University of Texas found that Internet-related jobs increased by 36% in 1999.
In addition, revenues generated from the Internet increased 62% during the same period.
The complete version of this study can be found on the Web at: www.internetindicators.com.