|State of the Tech Workforce 2023|
|Written by Janet Swift|
|Monday, 01 May 2023|
There are currently 9.2 million people who can be considered technology professionals within the US, representing 5.8% of the total workforce. The tech industry delivers a direct economic impact of an estimated $2 trillion, or 8.8% of the total national economy.
These findings come from Comptia's State of the Tech Workforce 2023, an annual publication also referred to as Cyberstates based on data from the U.S. Bureau of Labor Statistics, the U.S. Bureau of Economic Analysis and other sources.
The tech workforce as defined by Comptia consists of two primary components. The first is professionals working in technical positions, such as IT support, network engineering, software development, data science, and related roles. Many of these professionals work for technology companies (42%), while the resat (58%) are employed by organizations across every industry sector in the U.S. economy. The second component consists of the business professionals employed by technology companies in roles supporting the development and delivery of the technology products and services encompassing sales, marketing, finance, HR, operations and management. Approximately 39% of the net tech-employment total consists of tech industry business professionals.
Here are the report's projections for 2023
There are expected to be 272,323 new tech jobs in 2023, equivalent to a 3% increase. These are likely to be fairly evenly distributed across different occupational roles:
However the top projected growth occupations for 2023 are expected to experience increases around 5%:
Comptia noted the impact of hybrid working stating:
Among the nearly 4.1 million employer job postings for tech positions in 2022, 34% specified a work from home or hybrid work options – slightly more than 1.4 million jobs. That is a 146% increase over the pre-pandemic rate.
It also included information about labor force characteristics comparing the tech industry with representations across all US occupations, revealing there is still a long way to go to close the gender gap and to reflect diversity in ethnicity.
Looking further ahead the employment outlook is positive with the tech workforce growing twice as fast as the overall US workforce:
The report notes:
The replacement rate for tech occupations during the 2023-2033 period is expected to average about 7% annually, or approximately 400,000 workers each year, totaling several million through 2033. The total turnover rate, which encompasses workers transitioning within tech such as those promoted into a new role, is estimated to average 36% annually during the period. In comparison, the highest turnover occupations have annual rates typically in the 100%-200% range.
Finally, median tech wages are 103% higher than median national wages:
So predicted growth plus above average rates of pay. It's a good idea to be part of the tech workforce.
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|Last Updated ( Monday, 01 May 2023 )|