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article imageStudy: Facebook-oriented 'app economy' created over 230,000 jobs

By Michael Krebs     Sep 19, 2011 in Internet
A new study commissioned by the University of Maryland and released on Monday detailed the impact of the 'app economy' on creating jobs in the United States.
Innovative entrepreneurs have been drivers of job growth in the United States this year, particularly in the "app economy" underwriting the Internet's social media space.
This is a core conclusion from a new study that was commissioned by the University of Maryland's Robert H. Smith School of Business, according to AFP.
The loose confederacy of application developers have been a cornerstone of Facebook's open-source architecture, and the payoff for the American economy appears to have been quite notable.
According to the study's findings, more than 235,000 app economy jobs were created this year alone, and between $12.19 billion and $15.71 billion were generated in related wages and benefits.
The latest figures from the US Department of Labor reflect a national unemployment rate of 9.1 percent. The nagging unemployment figures have dogged the Obama administration since the president was sworn into the White House, and the federal government has struggled to find a meaningful exit from the persistent lack of jobs caused by the initial housing-oriented economic crisis.
The University of Maryland's findings offer a bright spot on an otherwise bleak assessment and may also present a much-needed insight for White House and congressional strategists.
"Our findings confirm that social media platforms have created a thriving new industry," Il-Horn Hann, co-director of Smith's Center for Digital Innovation, Technology, and Strategy said, according to AFP. "As Facebook and other platforms grow, we will continue to see job growth and the ripple effects of these advances in the US economy."
According to the study, a staggering 20 million applications are installed per day by Facebook users alone.
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