The tech unemployment rate dipped from 2.1 percent to 2 percent in May, suggesting that demand for tech professionals remains high despite mass layoffs and fears of an economic recession. The national unemployment rate stands at 3.7 percent.
According to CompTIA’s latest analysis of Bureau of Labor Statistics (BLS) data, “tech occupations across the economy increased by 45,000 jobs” last month. Top tech sectors for hiring include cloud infrastructure, data processing and hosting (up 2,300 positions in 2023), tech manufacturing (up 1,100), and IT services and custom software development (up 10,200).
“Reassuringly the positives for the month outweigh the negatives, confirming the tech workforce remains on solid footing,” Tim Herbert, CompTIA’s chief research officer, wrote in a note accompanying the data.
Cities with the highest volumes of tech job postings include New York City, Washington, Dallas, Chicago and Los Angeles; meanwhile, Atlanta, Austin, St. Louis, San Jose and Phoenix all saw significant increases in tech job postings between April and May. This suggests that hiring isn’t limited to a few major tech hubs, which is good for tech professionals across the country who are looking for jobs.
There are also signs that the worst of the nation’s tech layoffs could be over, at least for now. Layoffs.fyi, which crowdsources layoff data from a number of sources (and is widely cited as accurate by various media outlets), shows that tech layoffs have steadily declined since their high in January 2023. Although the nation’s largest tech companies laid off many thousands of employees earlier this year, many of the current layoffs seem to be taking place among smaller organizations, which are generally cutting fewer workers.
In the meantime, what kinds of tech professionals do employers want? CompTIA’s State of the Tech Workforce report suggests that specialized fields such as data science, cybersecurity, and web design could see a significant number of job openings over the next 12 months. No matter what your focus, keeping your skills up-to-date is crucial to maximize your opportunities.
