Even with the economic downturn related to the Great Recession, the IT job market remains robust and growing. In fact, the industry as a whole has shown consistent growth over the last ten years. And these statements are backed up by numbers from the Bureau of Labor Statistics.
The IT Industry wasn’t Affected by the Great Recession
One of the most surprising aspects of the IT industry is its apparent immunity to economic downturns, especially the recent recession. The BLS report backs up this conclusion:
“Unlike many other sectors of the economy, employment in the computer systems design and related services industry (commonly known as IT services) was not significantly affected by the recession of 2007–2009. The industry lost about 1 percent of its employment in 2009 but regained momentum in 2010, when it surpassed the employment numbers from 2008.”
What Dot-com Crash?
In addition to the recession immunity, the IT industry’s growth over the last ten years also occurred in spite of the famous dot-com crash of 2000. The BLS data reveals the impressive bounce back: “Between 2001 and 2011, employment in computer systems design and related services increased by 232,300 jobs or 18 percent. This increase came in spite of the steep decline in employment between 2001 and 2003 that followed the dot-com crash in 2000, when investors sold off their stock in overvalued dot-com companies, resulting in tremendous losses of money and jobs in internet technology.”
After 2003, the industry has shown a job growth rate of 37 percent. Through 2020, an annual job growth rate of 3.9 percent is expected which is greater than both the 2.6 percent expected in general scientific and technical professions and the 1.3 percent in all industries. There remains little doubt that the IT industry is a place of stable employment.
Does that robust job growth rate for the IT industry make you want to consider a career in information technology? If you are already in a technical position, maybe you want to see if something better is available? Whatever the reason, be sure to talk to the experts at Scientific Search, one of the leading IT staffing agencies in the Eastern United States — we can help grow your career.