NEWS RELEASE: IT Job Market Maintains its Momentum in Manhattan and Remains Robust in Westchester New Pace Report Shows
FOR IMMEDIATE RELEASE
Contact: Bill Caldwell, Office of Public Information, Pace University, 212-346-1597, firstname.lastname@example.org
NEW YORK, NY, October 13, 2010 – The information technology job market continued to gather momentum in Manhattan and remained robust in Westchester County, according to the third quarter Pace/SkillPROOF IT Index Report (PSII), out today.
The index for Manhattan gained another 9 percent over an exceptionally strong second quarter, rising from 110 to 119. “Although the increase is relatively modest, it validates our belief that the recession for IT professionals has ended,” the researchers write. “It is also worth noting that the IT labor market increased substantially over the 3rd quarter of 2009 when it registered 43, an increase of 278 percent!”
The Westchester IT job market appeared to be an anomaly in the third quarter of 2010. Although overall growth declined by 9 percent during the previous three months, ten of the eleven categories that comprise the index exhibited positive growth in the third quarter.
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.
Another positive characteristic of the past quarter in Manhattan was that of the eleven standard categories of the index, all but one showed gains, ranging from 32 percent for Computer Scientists, Research to approximately one percent for Other Computer Specialists. In the year-to-year data for Manhattan, nine of the eleven categories of the IT industry had substantial gains, led by Software Engineers, Applications at 303 percent, while two had declines, led by Network Administrators with a decrease of 44 percent. Quarterly comparisons, however, were less dramatic. Of the eleven categories, ten advanced and only one declined. Among the winners, Computer Scientists, Research increased by 31 percent followed by Software Engineers, Applications by 22 percent. Network and Computer Administrators, the only sector that showed declining demand during the second quarter, fell faster and farther in the third quarter, making this sector the poorest performer of the year.
In Westchester, the category of Computer Scientists, Research, which has led the market since the index began gathering data in 2004, dropped by 14 percent. Still, its previous surges mean that on an annual basis the category registered an increase of 224 percent. On the positive side, demand for Systems Analysts increased by more than 400 percent this quarter, followed by IT Managers at 240 percent.
“By many accounts, the recession is over,” said Tom Murphy (MS/CS ’11), VP of IT Infrastructure/UNIX Engineering at Millennium Partners, LP, in a sidebar of the report. “The Dow Jones Industrial Average is about 1300 points higher than a year ago, and, as businesses feel more secure, they will increase hiring. International Data Corporation (IDC) indicated a 5.8% growth rate in IT spending through the end of the year, with government, banking, and manufacturing taking the lead. This should translate into increased employment opportunities in the region.”
Murphy added: “New technological trends create new career opportunities. Indeed.com lists virtualization and cloud computing among its top IT job trends. This year, Gartner reported that 39% of 1587 companies surveyed now allocate resources to cloud computing, with 46% of them planning on increasing their budget next year. For IT professionals this translates specifically into jobs for programmers and systems engineers.”
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 and chair of its department of public administration. The index 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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