Tech industry employment up 20,700, while tech unemployment rate remains in low territory
Tech industry companies maintained a steady pace of hiring, according to the latest “Tech Jobs Report” released today by CompTIA, the nonprofit association for the technology industry and workforce.
CompTIA’s analysis of the U.S. Bureau of Labor Statistics #JobsReport reveals that tech companies added 20,700 workers in October, the 23rd straight month of job growth. Industry employment has increased by 193,900 in 2022, 28% higher than the same period last year.
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After a five-month slide, employer job postings for new tech hiring rebounded in October, with nearly 317,000 openings, an increase of more than 10,000 from September.
Across the entire economy, tech occupation jobs declined by 116,000 but remain in solidly positive territory for the year. 1 The unemployment rate for tech occupations increased a tenth of a point to 2.2%, paralleling the increase of the national unemployment rate.
“The data is roughly in line with expectations,” said Tim Herbert, chief research officer at CompTIA. “Tech hiring activity remains steady, but there are undoubtedly concerns of a slowing economy.”
Within the tech industry 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.
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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 jobs postings, including Boston (+2,732), New York City (+1,459), San Francisco (+884) and San Jose (+864). The top industries for tech job postings were professional, scientific and technical services (50,688), finance and insurance (35,500) and manufacturing (34,488).
Positions for software developers and engineers led the October job postings (85,796). There is also strong demand for IT support specialists, IT project managers, systems engineers and network engineers.
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