Pace Report: IT Job Market Remains Robust in Manhattan, Maintained Positive Momentum in Westchester
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Contact: Bill Caldwell, Office of Public Information, Pace University, 212-346-1597, firstname.lastname@example.org
INFORMATION TECHNOLOGY JOB MARKET REMAINS ROBUST IN MANHATTAN AND MAINTAINED POSITIVE MOMENTUM IN WESTCHESTER, NEW PACE U. REPORT FINDS
New York, NY – April 16, 2010 – Job postings for IT professionals showed dramatic growth in Manhattan and increased significantly in Westchester County, according to the first quarter Pace/SkillPROOF IT Index Report (PSII), out today.
“The dramatic growth of the IT industry in Manhattan is a significant sign of overall economic recovery,” the researchers write. “All indicators point to this reversal. Consumer spending and confidence are up, as is the hotel occupancy rate. As pointed out in last quarter’s PSII, employment is a lagging indicator. Employers are always cautious in responding to improved market signs as they want to be sure that the recovery is secure before hiring. That sense of confidence was reached this quarter.
“The gain in Westchester was part and parcel of improving national economic news,” they write. “Although the 160,000 new jobs created in March did not alter the unemployment rate, the increase still can be interpreted positively: As the economy shows signs of sprouting ‘green shoots,’ those who have been sitting on the sidelines during the period of rising unemployment have gained a sense of optimism and are renewing their job searches, thereby offsetting the gains in job creation.”
The PSII is a composite index produced by Pace using data from the SkillPROOF company that provides a snapshot of IT job openings at major firms in separate reports for Manhattan and Westchester County. The 11 standard IT job categories are those defined by the U.S. Bureau of Labor Statistics.
The 1st quarter index of job openings in Manhattan jumped by 11 points, or over 18 percent, from 63 to 74. This level has not been seen since the 2nd quarter of 2008, when the Great Recession began. This went hand in hand with nationwide gains in hard-hit sectors like manufacturing and construction, as well as with the 162,000 increase in employment reported in March. In Manhattan, the overall 18 percent growth of the PSII was led by a 60 percent increase in demand for Systems Analysts, followed by a greater than 30 percent increase for Computer Programmers. The category of Other Computer Specialists was also up by over 24 percent, a further indication of recovery. Although nine of the 11 IT job market categories showed positive gains, the news was less promising for the remaining two. Demand for Computer Support professionals declined by nearly one percent and that for Database Administrators by over half of one percent.
In Westchester, the PSII increased by more than 24 percent, from 85 to 106, a significant increase. The index went above 100 for the first time since the 3rd quarter of 2008. The Westchester IT job market has maintained positive momentum. After resisting improved economic news during the first two quarters of 2009, it gathered strength during the last two. In the IT sector, the 25 percent growth in the PSII is quite impressive; however, it should be noted that it comes primarily from only two sectors. These are Computer Scientists, Research, registering a 29 percent gain, and Computer Programmers, rising by 19 percent. Software Engineers also showed improvement, ranking a distant 3rd with a 6 percent increase. The remaining categories remained flat or declined. The greatest decline in the Westchester job market was for Computer Support Specialists.
“Business and consumer confidence, market activity, and job creation all increased during the 1st quarter, said Kamal Shah, Vice President of Oppenheimer Funds. “This improved outlook is prompting businesses to gear up and develop new strategies to make themselves more responsive to market changes, and client and shareholder needs with better reporting and information.
“The improved economy also has a direct impact on hiring as the year of retooling has begun. Social media, collaboration, and cloud computing are driving the dissemination of information at ever increasing speeds. This will result in increased demand for network administrators, database architects, and those with knowledge of Web 2.0/3.0 and strong collaboration skills in order to generate better information for better decision-making.”
The reports are available at http://www.pace.edu/pace/seidenberg/features-special-events/paceskillproof-it-index/
The Index partners. The PSII was developed and is calculated by Farrokh Hormozi, a professor of economics and public administration in Pace University’s Dyson College of Arts and Sciences. It is based on labor market data showing actual, listed openings that is provided by Henning Seip of SkillPROOF, Inc. The index is produced under the auspices of Pace’s Seidenberg School of Computer Science and Information Systems. www.seidenberg.pace.edu
For 104 years Pace University has produced thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, Lienhard School of Nursing, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu
SkillPROOF Inc. is a technology firm specializing in job market research. Headquartered in Bridgeport, Connecticut, since 2003 it has tracked and analyzed job openings from brand name employers in the United States, using proprietary Internet technology. www.skillproof.com
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