No other manufactured item has decreased in cost so far, so fast. Without the contribution of the IT sector, overall inflation, at 2.0 percent, would have been 3.1 percent in 1997. 14 Companies throughout the economy are betting on IT to boost productivity and efficiency. In the 1960s, business spending on IT equipment represented only 3 percent of total business equipment investment. For some industries like communications, insurance and investment brokerages, IT equipment constitutes over three-quarters of all equipment investment.
Information technology supports high-paying jobs.
In 1996, 7.4 million people worked in IT industries and in IT-related occupations across the economy. The impact of IT is also reflected in the capital IT firms currently represent. Despite these impressive trends, the digital revolution is just beginning. Growth could accelerate in the coming years not only in the IT sector itself, but across all sectors of the economy as the number of people connected to the Internet multiplies and as its commercial use grows. Some experts believe that one billion people may be connected to the Internet by 2005.