North America is Focus of Tech Companies

North America is Focus of Tech Companies

Eight out of 10 tech leaders surveyed in KPMG’s annual Technology Industry Business Outlook expect their company’s revenue to increase.

And almost nine out of 10 say the U.S. market will provide the highest percentage of revenue growth over the next 24 months, significantly ahead of the number who selected Canada (44%).

The growth will lead to both increased employment and an increased presence in the U.S. Six out of 10 tech business leaders expect their companies to increase headcount in the next 12 months. Eighty one percent said the U.S. would have the highest employment growth over the next 24 months, followed by Canada (43%).

And 17% of tech leaders say their companies are planning to move manufacturing back to the U.S. in the next 24 months and will add to add to U.S. manufacturing operations.

“The global economic uncertainties probably play a role in the focus on the North American market and the continuing concern for the speed of the economic recovery,” explains Gary Matuszak, global chair, KMPG Technology, Media and Telecommunications practice.  

Asked where in the U.S. they’d invest,  respondents say they plan to increase investment and/or jobs over the next 24 months on the East Coast (32%) and in the Midwest (32%) than in the West (23%) and Southeast (17%).

When looking at the risks to future growth, more than half say the speed of the economic recovery presents the greatest risk to company growth, while 40% cite the impact of new regulations, and 32% say U.S. corporate tax reform/OECD international corporate tax action plan/expiration of "tax extenders" and uncertainty about extension by Congress.

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