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May 21, 2020

Research Points to Positive News for Tech Job Seekers for the Future

By Colleen Crino

Given the turbulence of the past few months, and how challenging the job market has been for so many individuals across multiple industries, it has caused us to take a deeper look at how IT jobs and careers are faring in the new economic reality we are all facing. In that context, we want to share some encouraging news around the economic trends in employment in IT. These trends make us optimistic about the continued focus on unlocking people’s potential in technology, and bringing youth and adults into paths that will lead to both current and future success.

 

With that in mind, we want to highlight two recent reports from CompTIA that give us useable and actionable information about IT professions and employment.

 

CompTIA Cyberstates 2020™ Report

 

The Cyberstates report is distributed annually and is the definitive guide to the U.S. tech industry, occupations and trends.

 

You’ll find the report here and CompTIA’s press release highlighting results here.

 

Key points from this report include:

  • Despite the impact from Covid-19, looking ahead, projections indicate the base of tech occupation employment will grow to 8.8 million by 2028.
  • Occupations in IT services and custom software development have powered job growth since 2010, accounting for two-thirds of job gains.
  • Net tech employment grew by more than 307,000 workers in 2019, an increase of 2.6% over 2018, with 45 states and the District of Columbia experiencing tech job growth.
  • Tech workers make up an estimated 7.7% of the overall U.S. workforce.
  • Growth occurred among IT support specialists (+3%, to more than 664,000); and systems and cybersecurity analysts (+2.6%, to more than 740,000).
  • The labor market for tech professionals was extremely tight during 2019, with unemployment at historic lows throughout periods of the year.

 

These points speak to the broad-based demand for tech talent across regions, industries, and employers as well as the strong need for training opportunities to bring more individuals into the field.

 

CompTIA IT Employment Tracker – April 2020

 

CompTIA’s monthly jobs report was published Friday, May 8th. Across the entire economy, employment fell by 20.5 million jobs in April, the worst one-month loss in the history of reporting by the Bureau of Labor Statistics.

 

The “CompTIA IT Employment Tracker” is available at https://www.slideshare.net/comptia/comptia-it-employment-tracker-may-2020.

 

And you can read the press release on the report here.

 

A few key points related to IT professionals:

  • Employment did fall in the IT industry, but compared to most other industries, the losses were relatively modest. Of the 20.5 million lost jobs, IT represented less than 1% of the total.
  • The unemployment rate for IT professionals increased to 4.3%, still well below the national rate of 14.7%.
  • Employer job postings for IT professionals decreased as well, although not as much as expected. The April rate of 270k postings was not too far off the 24-month average of 295k.
  • In some states and metro areas, the counts were nearly identical to the previous month, indicating segments of employers remain focused on filling critical roles and/or to meet increased customer demand.

 

Note: because of the volatility of the situation, we have to be cautious in using monthly data at the IT occupation level.

 

Yes, it's the worst month for tech hiring that we've seen in years, but there are slivers of silver linings. In comparison to other sectors, tech is still doing well - national unemployment in April hit 14.7%, while unemployment for IT professionals is still at 4.3%.

 

The loss of 112,000 tech jobs is painful, but that’s a significantly smaller number than the majority of other industries. The number of job postings nationwide for core IT professionals totaled just over 270,000 in April, a decline from recent months but still a significant number. 

 

As an organization focused on creating successful on-ramps into tech careers, we’re encouraged by the results of these reports and look to the statistics and information they offer with hope and optimism for the future. We encourage you to seek out ways that you can support programs aiming at training and placing individuals into available IT jobs, and if you need it, we can also assist you in training people within your company to withstand the challenges brought about by these new circumstances. Check out any of the links below to learn more.

 

“In these trying times it is often difficult to think beyond today, but we must remain committed to preparing the workforce of tomorrow for success in whatever the future may hold,” said Todd Thibodeaux, president and CEO of CompTIA.

 

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