Wednesday, Feb 19 2020

How IT Jobs Are Boosting the Economy

Written by

616674 CTD The Armada Group How IT Jobs Are Boosting the Economy 010319

 

Over recent years, technology has become increasingly ingrained in a broader selection of industries. Cloud computing, data analytics, IoT, and similar innovations have allowed tech to become relevant in unexpected ways. Additionally, cybersecurity and data security have become critical practically across the board, and an increasing number of companies are developing their own applications.

Implementing and maintaining these solutions led to an increase in demand for IT talent and, subsequently, a boost in the economy. If you are wondering how IT jobs are bolstering the United State’s economy, here’s what you need to know.

Rapid Job Creation

In 2018, 11.8 million professionals worked in IT jobs. That’s a 2.3 percent increase over 2017; a rise largely attributed to the rising demand for cybersecurity analysts, software developers, and systems analysts. In total, 7.6 percent of the United States workforce in 2018 were in tech roles, up from 7.2 percent the year prior.

Over the 2016 to 2026 decade, suggesting the growth rate remains consistent, 8.6 million new jobs will be attributed to the technology field. That’s a 13.1 percent increase for the occupation category.

In comparison, across all job categories during that same period, the projected growth is just 10.7 percent. That showcases just how rapidly tech is expanding.

 

Opportunities Across Industries

IT professionals aren’t just working for technology companies. While 46 percent are employed by tech firms, 54 percent have IT positions but work in other industries.

The impact of technology is already vast, allowing it to work its way into nearly every sector. That’s a trend that’s unlikely to change, particularly as new innovations that are on the horizon could bolster overall tech spend and implementation.

 

Growing Beyond Tech Hubs

Just as technology is becoming a core part of operations in nearly every industry, expanding into new arenas on a seemingly daily basis, tech isn’t just a facet of the Silicon Valley area or similar hubs, like Seattle and New York City. Instead, it’s shifting into new sections of the country, reaching places like Boise, Idaho, Charlotte, North Carolina, and Chattanooga, Tennessee.

 

Economic Impact

The tech sector is having a significant impact on the economy. In 2018, it generated approximately $1.8 trillion, a marked increase from the $1.6 trillion in 2017.

Additionally, it’s share of the gross domestic product (GDP) is also expanding. It went from 9.2 percent in 2017 to 10.2 percent in 2018. That’s a full 1 percent rise.

Overall, that makes the tech sector the third-largest economy contributor, only coming in behind manufacturing and government operations. It is even ahead of other economic bastions, like the insurance and finance sectors.

 

Find Your Next Tech Job with The Armada Group

Ultimately, IT jobs and the tech sector as a whole have a substantial impact on the economy, and that’s unlikely to change in the near future. If you would like to find out more, the knowledgeable professionals at The Armada Group want to hear from you. Contact us to discuss your questions with one of our skilled team members today and see how our tech industry expertise can benefit you.