Issue link: https://read.uberflip.com/i/1468039
Labor Market Insights/ Trends: Science, Engineering, Technology and Telecom (SETT) -1% 3% 9% 5% 4% 4% 8% 5% Total US Engineering IT Science US EMPLOYMENT GROWTH: SETT OCCUPATIONS Historic (2016-2021) Projected (2022-2027) • US employment trends across all major SETT domains continue to outperform the broader labor market as the need for highly skilled and experienced technical talent grows. IT talent in particular has been among the highest growth occupations over the past 5 years and has a very strong outlook. • In Engineering, client industries driving strong demand in 2021 included automotive and other manufacturing along with renewable energy; recent volatility in areas such as oil & gas and supply chain disruptions may affect the outlook for engineering talent. • Demand for IT talent is broad-based across industry verticals and buyer sizes, propelled by increased reliance on technology coming out of the pandemic and accelerated CIO focus on building automation, efficiency, resilience and analytics into their tech stacks. The strong hiring environment is putting pressure on labor costs, with median advertised wages up nearly 10% YOY. • Several factors are driving growth in Science, including ongoing COVID-19 development/testing, numerous biotech startups and large pharmaceutical companies announcing extensive investments in US R&D and manufacturing capacity. • Employer demand across all three sectors has surpassed pre-COVID volumes and while IT has the largest number of open positions, online advertised vacancies for scientific talent are running 50% above pre-pandemic levels. 0 200 400 600 800 1000 Engineering IT Science US Job Postings (in 000's) SETT Occupations Feb. 2020 Feb. 2022 April 2022