A new report by the technology industry’s trade association says tech companies will “only” create a few thousand new jobs over the next decade.
That number is much lower than the tens of thousands of jobs tech firms have projected.
The trade group says this new report from PricewaterhouseCoopers shows that tech companies have an enormous potential for job creation, even though there are “real challenges” that still need to be solved.
The report comes as Apple CEO Tim Cook is expected to outline a plan to close the tech gap that has hurt his company’s stock price in recent weeks.
“The tech sector has created more than 1.6 million jobs in the United States since 2007,” said Matthew Trombley, president of the Technology Industries Association, in a statement.
“As we move into the next phase of the economy, tech will only create a small number of new jobs in our economy.
But this is the only path forward.”
Trombley called the tech industry’s current record of job creation “unsustainable,” adding that it was “critical” that the sector find ways to create more jobs.
PwC’s report says that tech has the potential to create up to 7 million new jobs by 2020.
In addition, the trade group expects the technology sector to add an additional 300,000 jobs to its ranks over the course of the next five years.
Trombly says that this number “will be driven by both a robust and sustained recovery in the global economy” as well as the growth in technology companies’ revenue.
But it is a much smaller number than what tech companies had hoped.
According to a report released earlier this month, the tech sector expects to create 1.3 million jobs over its lifetime, but that number includes only tech companies with revenues of $100 billion or more.
This is the same number that Apple has projected.
Apple CEO Tim Scott told reporters last week that the company plans to create 250,000 new jobs through the end of the year.PWC estimates that there are between 10 million and 25 million people in the US who work for tech companies, and estimates that these workers will be among the first to be displaced from their jobs by the tech boom.