TechAmerica Reports Jobs Rebound
TechAmerica Foundation published its Cyberstates 2011 report on October 5. The key findings support a lot of the buzz on the tech industry over the last several months – good numbers!
The U.S. high-tech industry totaled 5.75 million jobs in 2010, down in 2010 by 115,800. A midyear jobs report by TechAmerica for the first six months of 2011 registers an increase of 115,000 tech jobs.
The two percent decline in tech industry employment was less than half of the 249,500 jobs lost in 2009. Over the span of the economic downturn (2007 to 2010), the tech industry held it together better than the private sector overall, with a four percent loss of jobs versus a seven percent decrease in the private sector.
Technology industry job growth has occurred in all sectors in the first half of 2011, with the fastest growth in engineering and tech services. “Of the four high-tech sectors highlighted in our report, only software services added jobs in 2010 – 22,800, a one percent gain,” said Robert F. Bennett, Chairman of TechAmerica Foundation. “Of the jobs lost, 72,100 were in communications services, 53,600 were in tech manufacturing, and 12,900 were in engineering and tech services. Fortunately, the initial numbers for 2011 look more promising in terms of job growth.”
In 2010, only eight states added tech jobs. The winners were: Michigan (+2,700), the District of Columbia (+1,400), West Virginia (+400), Utah (+400), and South Carolina (+300). Virginia has the highest concentration of tech workers at 9.8% of private sector workers employed in the tech industry; Massachusetts and Colorado ranked second and third, respectively.
Technology companies are outperforming the U.S. stock market. With good balance sheets, low valuations and projected earnings expectations of 10% in 2012, are attractive. The S&P’s Information Technology Index has held up better than the S&P 500 Index.
Tech Jobs Spring Back – FINS.com