What impact has venture capital had on the U.S. economy? That's the question that a new report from the industry's chief lobbying group, the National Venture Capital Association, tries to answer. According to the report, venture-backed companies employed more than 12.1 million people in the U.S. last year and their revenues represented $2.9 trillion, equating to 21 percent of the U.S. gross domestic product. Not bad.

Of course, the NVCA is in the business of touting the importance of the industry, which as we've reported in recent months has been under a direct assault. Nonetheless, the findings do show a ray of sunshine in an otherwise dark landscape.

It also provides a pretty interesting breakdown of where venture capital has flowed over the past 38 years. (See map below).

The authors of the report also single out Washington state, gushing about its venture capital landscape. In fact, the state had the best employment growth and revenue growth at venture-backed companies of any state between 2006 and 2008. Here's the excerpt.

For some, venture capital isn’t so much an asset class as it is a state of mind – what with its predilection for innovation, energetic self-reliance and reasoned acceptance of risk. In recent years, few states have embraced this state of mind more readily than Washington. The state attracted nearly $1 billion in investment in 2008i while its venture-backed companies grew employment and revenue faster than those of any other state – including California. Washington’s venture capital culture springs from a number of sources.

First, it hosts top-flight research institutions such as the University of Washington, the Seattle Institute for Systems Biology and the Fred Hutchinson Cancer Research Center. Second, three of the most innovative companies of the past three decades – Microsoft, Amazon and Starbucks – make their homes and exert enormous cultural influence in the state. Third, the state’s gorgeous geography, outdoor/adventure scene and hip coffee-house culture have drawn a deep pool of young, energetic talent.

Like an inevitable chemical reaction, these elements have spawned a robust venture scene that has produced leading companies in the fields of SAS software development, personalized medicine and clean technology. Furthermore, local venture capitalists have championed the industry’s benefits and represented its interests by vigorously engaging business leaders and policymakers through organizations like the Technology Alliance. In 2008, venture-backed companies in Washington employed nearly 220,000 people and generated nearly $80 billion in revenue.