Unemployment among business-technology professionals has fallen to a decade low as the size of the IT workforce has risen to a record level in 2007, according to CIO Insight analysis of U.S. Bureau of Labor Statistics data.
Joblessness among American IT workers averaged 2.1 percent last year, down from 2.5 percent in 2006. That’s the lowest unemployment rate for IT pros since the government began using the current method to track employment in 2000, when IT joblessness stood at 2.2 percent.
In 2007, according to our analysis, 3,758,000 workers in the U.S. held IT jobs; another 79,000 people who consider themselves business-technology professionals were unemployed. IT employment grew 8.5 percent last year. By this calculation, IT managers and staffers represent nearly 2.6 percent of employed U.S. workers in 2007.
The low IT unemployment rate of 2.1 percent, which many economists considers full employment, bolsters an argument forwarded by many CIOs: it’s hard to find qualified IT professionals.