The US has been a significant attraction for people in the tech industry. 2022 has seen a surge in new tech positions by over 100,000, translating to 69% more than 2021. This paradigm shift amid the much-talked-about increase in employee turnover rates is worth looking into.
In May 2022 the job postings made by the tech industry reached a new high, which is 69% higher than the previous year. The first five months of 2022 have witnessed approximately 100,000 positions coming to the market. At the same time, the tech industry also experienced a slight increase in the unemployment rate, with 2.1% registered as of May 2022 compared to 2% as of April 2022.
The BLS (Bureau of Labor Statistics) data indicates that new opportunities for IT professionals continue to grow but rising inflation and high energy costs are two aspects that could lead to an overall slower economy for the US in 2022.
Now, this hiring spree might not remain forever, especially when massive employee turnover in prior years has played its part in fueling an increase in jobs this year, and many giants in the Tech world have imposed a freeze on hiring. As per Janco Associates, currently, 3.9 million IT jobs remain unfilled in the US. The IT job market has grown by over 90,000 jobs within the first six months of 2022 which is a jump of 43,000 jobs as compared to the last year during the same period. Also,
According to the BLS (Bureau of Labor Statistics), computer and information technology occupations are expected to grow by 13% in this decade, which is faster than all other occupations.
Our deep analysis of the trend indicates that the IT industry will continue to grow but a decline in the ongoing growth rate is expected. Blockchain being the new talk of the town, every company wants to ride on top of their innovation and want to have a competitive advantage by employing the best of the talent from the market, waiting for the moment when this next big thing is ready to go.
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Software developers and engineers are among a few jobs that companies continue to fill and strive for the talent in the market. Other professions including IT project managers, system engineers, and network engineers shall also continue to remain in high demand, resulting in the creation of more than 130,000 new jobs in the rest of 2022.
For the decade ending 2030, the IT industry will see a rise of 15% in overall jobs as compared to 2020 employment statistics.
