The Bureau of Labor Statistics released their Regional Jobs Report for January 2016 this week. Twenty-eight states and the District of Columbia saw their unemployment rate decrease month-over-month, 8 states had increases, and 14 states saw no change. Thirty-seven states and the District of Columbia had employment rate decreases year-over-year, 9 states saw increases, and 4 states had no change.
In-Depth Look: IT Industry
The IT industry, among many others, showed slower than normal growth in January 2016 with unemployment increasing by half a percentage point to 3.0% from December’s 2.5% rate.
According to the Washington Examiner, “The main factor driving the decline in job growth is the aging of the Baby Boom generation into retirement. Largely because of the aging of the baby boomers, labor force growth is to slow to 0.5 percent annually this decade, down from 0.6 percent last decade and 1.2 percent in the decade that spanned the 1990s and 2000s, the Bureau of Labor Statistics projected in December.”
Good news for techies though, as February numbers shows the unemployment rate in this sector dropping back down to 2.7%, restoring a sense of security in the market. Year-over-year the unemployment rate in this sector is down 0.6%, showing steady growth overall.
Here are the top five states that added the most IT jobs in the month of January:
- Colorado: +7,500 IT jobs added
- Florida: +6,700 IT jobs added
- Texas: +4,700 IT jobs added
- Georgia: +3,800 IT jobs added
- New York: +3,700 IT jobs added
Here are the top five states with the highest IT job growth and the top three states with the highest overall job growth year-over-year:
- California: +78,000 IT jobs and +444,900 total jobs added since January 2015
- Florida: +66,300 IT jobs and +263,900 total jobs added since January 2015
- Georgia: +32,800 IT jobs and +119,300 total jobs added since January 2015
- Virginia: +29,400 IT jobs and +88,600 total jobs added since January 2015
- New York: +28,300 IT jobs and +115,500 total jobs added since January 2015
Year-Over-Year, Regional Unemployment Rates Decline
In January, the Midwest tied with the Northeast for the lowest unemployment rate at 4.7%, and the West experienced the highest rate at 5.3%. There was good news for the West, however. The region experienced the greatest unemployment rate decrease from January 2015 to present. While all four regions saw very little month-over-month change in unemployment rates, the year-over-year number showed a positive trend in the right direction. Here’s a look at the regional unemployment figures:
- Northeast: 4.7% (-0.1% from December to January, -1% year-over-year)
- South: 5.1% (-0.1% from December to January, -0.4% year-over-year)
- West: 5.3% (-0.2% from December to January, -0.8% year-over-year)
- Midwest: 4.7% (0% from December to January, -0.5% year-over-year)
Hire Top Tech Talent in 2016
As the IT industry sees steady growth, the competition to hire the best talent continue to heat up. Modis can help you stay ahead in 2016 and connect your business with the very best tech professionals. Learn more about how we can move your business forward or contact us today!