In June 2024, the US technology industry saw significant growth in employment, adding approximately 7,540 net new workers, marking the highest monthly increase of the year, according to analysis by CompTIA, the non-profit association for the IT industry and workforce.
Leading the hiring spree were technology services and software development occupations, which signaled a positive trend particularly beneficial for small and medium-sized enterprises within the sector. Currently, the total workforce in the US tech industry stands at approximately 56 million employees.
However, amid this growth, the broader economy experienced a decline of 22,000 tech-related jobs, contributing to a surprising rise in the tech unemployment rate to 3.7%, aligning with the general upward trend in national unemployment figures.
Tim Herbert, Chief Research Officer at CompTIA, noted, “Despite pockets of growth, recent data suggests downward pressure on tech employment. Factors such as FOMO may be prompting some employers to adopt a cautious hiring approach.”
In January, new job postings for tech positions approached nearly 200,000, slightly lower compared to the previous month. Throughout the year, there were more than 444,600 active tech job postings, totaling 2.5 million for the year.
Among major metropolitan areas, San Francisco and Denver showed robust gains in tech job postings from May to June. San Francisco recorded an increase of 1,007 postings to 6,110, while Denver saw a rise of 424 postings to 3,684. However, most other metro markets experienced modest declines, with California, Texas, and Virginia leading in the volume of June tech job postings among states.
The report highlighted that 46% of all active tech job postings in June did not specify a requirement for a four-year degree. This percentage was notably higher for key tech positions, including network support specialists (90%), IT support specialists (73%), network and systems administrators (54%), network architects (50%), and database administrators (50%).
Overall, while the tech industry in the US continues to expand, the varying employment metrics reflect a complex landscape influenced by both sector-specific dynamics and broader economic conditions.
