The Computing Technology Industry Association, a leading market research organization for the technology industry released its October snapshot of information technology (IT) employment trending. The sector continues to outpace the entire economy with major cities leading the way.
Tech companies added 20,700 workers in October – the twenty-third straight month of job growth. Industry employment has increased by 193,900 in 2022, 28% higher than in the same period last year.
Other key findings from the report include the following:
- The current tech unemployment rate is 2.2%.
- The bulk of new hiring occurred in three sector categories – IT services and custom software development (+8,800), other information services, including search engines (+6,800), and computer and electronic products manufacturing (+5,400). Tech manufacturing employment is up 43% compared to the same period last year.
- Remote work shows no signs of slowing down. Employer job postings for tech positions that specify remote work or work-from-home options continue to increase, with a year-to-date rate of 34% compared to 27% in 2021 and 22% in 2020.
- Major tech hubs saw significant month-over-month increases in tech job postings, including Boston (+2,732), New York City (+1,459), San Francisco (+884), and San Jose (+864).
Interestingly, the report lists Amazon (AMZN) as the leading tech company with the most job postings in October at 5,330 marketed opportunities. Yet the company announced this week that the e-commerce giant will pause new hiring but will continue to backfill for employees who leave for new opportunities.
