Employers are hiring more than ever and tech workers are on the rise, but the numbers aren’t as high as you might think.
Tech jobs grew a whopping 7% in the past year to more than 29 million in the US, but hiring for tech jobs is still below the peak of the tech boom of the 1990s, according to data from the Bureau of Labor Statistics.
The tech boom that began in the early 2000s, fueled by a wave of outsourcing and cloud computing, has now peaked in 2019 and the labor force participation rate is at its lowest level since the Great Recession.
And the number of tech jobs has been shrinking as more Americans switch over to other industries and move away from technology, according a new report by The Center for American Progress.
While tech jobs are up a bit, overall the economy is slowing.
The number of jobs in tech declined by nearly 2 million last year, while the unemployment rate was 4.2%.
“Tech employment growth is a very important part of the economic recovery.
But the economy has not recovered from the deep recession that followed the Great Depression.
Jobs have fallen, productivity is declining and the workforce is aging,” said Michael J. Osborne, a senior fellow at the Center.
The growth in tech jobs means more jobs for older workers.
The US unemployment rate has now fallen below 7%, and its lowest in nearly 25 years, according the BLS.
The unemployment rate is also down from its peak in mid-2016, at a high of 9.5%.
But that hasn’t slowed the trend of tech hiring.
The BLS reports that there are more tech jobs in the country now than there were just a year ago.
It’s been even more rapid in the last few years.
According to a new survey by McKinsey & Company, in the third quarter of 2019 there were 1.8 million tech jobs, up from just over 1.2 million a year earlier.
And by the end of 2020, more than 6 million people are expected to be working in tech, according McKinsey.
The number of software engineers has also grown rapidly.
In 2019, more software engineers were employed in the U.S. than in any year since 1995.
McKinsey also found that the number rose from just shy of 10,000 in 2014 to more like 15,000 this year.
The boom in tech hiring isn’t just about the tech workers.
Tech is also making inroads into other industries.
A new survey from consulting firm McKinsey shows that the US tech market is expanding faster than the rest of the world.
And in the fourth quarter of 2020 alone, software firms reported a 9% growth in their revenue.
As tech grows, so does the number and quality of jobs for workers.
Jobs for engineers are growing at a much faster pace than other types of workers.
The data shows that tech workers have become much more productive and flexible, and are getting paid more than they were even a decade ago.
They also have more options when it comes to working remotely.
The new numbers also show that tech is helping to drive up the stock market.
The Dow Jones Industrial Average rose 9% in 2019, and has since surpassed its all-time high in 2020.
The economy, however, is far from over.
In 2020, there were 2.4 million people in the workforce with at least a high school degree.
By 2021, that number will have risen to 4.6 million.
The unemployment rate will also likely fall, as more and more Americans move to the cities and rural areas that are now the fastest-growing in the nation.