IT Job Market Forecast

Highest unemployment rate in any state was 6.3%

IT Job Market is in a state of flux - growth will be 100k new jobs in 2022

With the turmoil of inflation, high energy costs, and the war in Ukraine added to high attrition rates for IT pros, the IT job market is a difficult one for CIOs and HR departments to navigate. Factors they need to consider are:

• Over 66% of tech workers are either already seeking new jobs or are open to moving.

• 74% of IT Pros who actually changed jobs last year had two other offers

• There are already 2.5 million open cybersecurity jobs across the world: it would take the entire population of a city the size of Chicago to fill them.

Our analysis of these factors and the data that follows is the foundation for our forecast of IT job market growth.

In January recovery 12 states had unemployment levels at 3% or less

On an ongoing basis, Janco analyzes the unemployment rates reported by the BLS. This is then included in the firm's analysis of the projected number of jobs that will be added or deleted from the IT profession. The National unemployment data provides a measure of the health of the overall labor market. A more granular metric is one that considers local conditions - i.e. state and local unemployment.

Between California and New York alone, almost 3 million jobs were lost during the Covid shutdowns. Current unemployment data shows that companies had opened up and more people had jobs.