The Bureau of Labor Statistics has released it’s monthly regional jobs report and while month-over-month unemployment numbers were disappointing, actual job additions are keeping analysts spirits high. 25 states had unemployment rate increases since April, however, year-over-year improvement is much more positive. Since May of 2014, 45 states and the District of Columbia had unemployment rate drops and the national unemployment rate experienced a .8% drop.
Even bigger news is the increase in jobs across the country. 37 states added jobs since April and, even more significant, nearly every state had job increases since last year at this time. While job growth continues on this upward trajectory, economists say any doubt of economic weakness is sure to be erased and full recovery of our economy is back on track.
IT Industry Insights
The Professional and Business Services sector continues to rank among the highest performing industries in the nation. Last month the sector added 63,000 jobs with temporary help services contributing 20,000 jobs, computer systems design and related services contributing 10,000 jobs and management/technical consulting services contributing 7,000 jobs to that number. The top 5 states adding the most jobs to the industry since April are:
- California +21,300 IT jobs added
- Georgia +11,200 IT jobs added
- Texas +7,300 IT jobs added
- Illinois +6,900 IT jobs added
- Arizona +6,700 IT jobs added
Year-over-year growth in the industry is astounding and it’s clear indicator of strength in the IT sector. With 671,000 new jobs added over the last year, this industry continues to be a top performer and will be for the foreseeable future. Since May of 2014, 44 states and the District of Columbia have added new IT jobs. Take a look at the 5 states with the highest job growth in the tech sector and the top 3 states with highest overall job growth year-over-year:
- California +125,500 IT jobs added, +465,700 new jobs added since last year
- Florida +43,500 IT jobs added, +268,500 new jobs added since last year
- Texas +42,500 IT jobs added, +286,400 new jobs added since last year
- New York +29,00 IT jobs added
- Georgia +27,700 IT jobs added
In-Depth Look: Regional Employment Figures
Once again, the Midwest has the lowest regional unemployment rate, at 5.1 percent. Month-over-month rates we stagnant but significant decreases year-over-year occurred in all 4 regions. Unemployment by region currently shows:
- West -0% from April to May, -1.0% year-over-year
- Midwest +1% from April to May, -0.9% year-over-year
- South 0% from April to May, -0.7% year-over-year
- Northeast 0% from April to May, -0.7% year-over-year
Region-by-Region Fast Facts
More Hiring Insights
Economists are staying positive about the latest jobs reports and our journey to economic recovery. The IT industry continues to be a top performer and, judging by the latest numbers, that trend will continue for the foreseeable future. This means the need for tech talent will continue to evolve and the competition to hire the best IT professionals will heat up. Modis can help you reach the very best tech workers all while moving your business forward. Contact one of our 60 locations across the U.S. to connect with exceptional IT talent.