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U.S. technology companies added 14,400 workers in November, marking the second straight year of monthly job growth in the sector, according to CompTIA’s latest analysis of the U.S. Bureau of Labor Statistics (BLS).
Technology jobs across all industry sectors increased by 137,000 positions, and although job postings for future hires slipped in November, they were overall around 270,000, led by IT services and custom software development and data processing, hosting and related services.
Tim Herbert, chief research officer at CompTIA, is looking at the latest Labor Statistics employment status report as a “good news, bad news” scenario.
“On the one hand, it’s a confirmation of the stability of the tech jobs market and shows that there is still a lot of employer demand,” he said. “On the other hand, to slow down the economy, federal research will continue at a reasonable rate.”
In his view, the biggest risk is that the Fed overstretched and pushed the economy into recession.
This, in turn, will affect tech hiring more broadly than just hitting specific tech companies, as seen in recent headlines.
“However, even with the uncertainty of the past several months, IT has continued to perform well,” Herbert pointed out.
Technology companies will add 207,000 jobs
Employment at technology companies (technical and non-technical workers) increased by more than 207,000 jobs this year, and the unemployment rate for technology jobs across all industries is 2%.
The firm’s analysis found that 30% of tech jobs posted are in technology such as artificial intelligence (AI) positions or roles that require new technology skills.
“We continue to see a few industry sectors strengthen technology hiring, offsetting cuts in other sectors,” Herbert said. “While some companies are downsizing, others see this as an opportunity to expand their technology teams.”
Herbert cited the finance and insurance and manufacturing sectors as two examples.
“So far this year, tech hiring by finance and insurance companies is up 35% compared to last year,” he said. “Production increased by about 50% by 2021.”
Many of these positions are in areas that require specialized skills from that particular industry, he said.
“Financial and insurance companies often have customer-facing websites and apps. They manage sensitive information,” Herbert said. “They pay close attention to data trends.”
It makes “absolute sense” that these companies are actively hiring software developers, cybersecurity specialists, systems analysts, network engineers and IT project managers, he said.
The same is true in manufacturing, where many interconnected systems – robotics, software, analytical systems – require a wide range of technical skills.
Great demand for software developers and engineers
The report found that 28% of the tech jobs posted in November were open for software developers and engineers.
Demand for IT support specialists, systems engineers, IT project managers and network engineers was strong, Herbert noted.
“There are still many uncertainties, but we don’t want to completely ignore the good news,” he said. “For IT professionals, there are still many opportunities in companies with stable business models. There are risks, but as we go into the new year, all things considered, we are in good shape.”
Despite continued strong demand for IT professionals across the country, layoff announcements in recent months from tech giants including Twitter, Facebook parent Meta, Salesforce and ride-hailing company Lyft have reignited a sluggish IT job market.
However, demand for qualified IT professionals remains strong, and this is unlikely to change anytime soon, say industry experts.
About the author
Nathan Eddy is a freelance writer for ITPro Today. He has written for Popular Mechanics, Sales and Marketing Management Magazine, FierceMarkets and CRN, among others. In the year In 2012, he made his first documentary, The Absent Column. He currently lives in Berlin.[ad_2]
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