Tech Unemployment at 1.7%
Technology and engineering unemployment is at 1.7 percent, the lowest level since 2000, and is at less than one percent for petroleum engineers (0.7 percent), architects (0.8 percent) and civil engineers (0.8 percent), according to the Tech/Engineering Staffing Growth Assessment released July 24, by the research and analysis firm Staffing Industry Analysts, located in Los Altos, Calif.
The report estimated a nine percent growth in 2007, and a 9.5 percent growth in 2008, in spending on entry, mid-level and senior temporary tech or engineering workers. There was a 12 percent average annual growth between 2004 and 2006, according to the data.
"Tech/engineering talent continues to be scarce and that means corporate buyers need to be prepared to aggressively compete and manage these resources carefully," said Barry Asin, senior vice president and chief analyst of Staffing Industry Analysts.
"In this environment, corporate buyers must leverage VMS systems to maximize productivity and choose their staffing partners carefully. For staffing companies supplying tech/engineering talent, the No. 1 priority for buyers is worker quality."
With the aim of helping corporate buyers and staffing firms make decisions about contingent labor, the report found that the vast majority (81 percent) of tech and engineering employment fell within three market sectors: manufacturing, architecture and engineering consulting and government.
Half of all tech and engineering employment fell within 25 metropolitan areas. While six of those areas fell within the state of California, Huntsville, Ala. stood out as the metropolitan area with the highest concentration of tech and engineering employment relative to total employment.