IT Employment Declines in March as Demand Varies Widely Across Geographies and Sectors
IT Jobs declined 0.29% month-over-month in March, according to TechServe Alliance, the national trade association of the Technology Staffing and Solutions Industry. On a year-over-year basis, IT employment was down 2.1% from March 2022, a net of 114,800 jobs. The Engineering sector showed a year-over-year job growth rate of 3.06% with the addition of 82,500 jobs during the year.
“As expected, overall IT employment continued to slide in March as some geographic markets and industry sectors retrench after overhiring during the pandemic and in its immediate aftermath. While the IT unemployment rate rose from 2.1% in Q4 of 2022 to 2.7% in Q1 reflecting this softening of demand amidst economic uncertainty, it remains well below the level deemed full employment,” said Mark Roberts, CEO of TechServe Alliance. ”As I have noted previously, there is no single narrative that accurately describes the current market. While some sectors have engaged in layoffs that include tech workers, demand for many skill sets remains strong with IT professionals being redeployed to other industries,” added Roberts.