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reel – What a year changes in North Carolina’s tech economy. From more than 37,000 information technology job openings a year ago, job postings fell more than 50% year-over-year to 17,840.
That’s no joke.
Inflation and inflation, high interest rates, layoffs in the tech sector, and a widespread economic slowdown have combined to make tech hiring difficult. North Carolina is no exception in this category. Openings across the US fell to 513,968 in April, down 52% from a year earlier.
Particularly hard hit in NC were the state’s three largest metros, which also have the largest tech sectors. The Charlotte, Raleigh-Cary and Durham-Chapel Hill Open each fell 50% or more.
Damage in the metro
Places, APR ’23, rejected from APR ’22
- Charlotte, 6,953 -53%
- Raleigh, 5,242 -52%
- Durham-Chapel Hill, 1,953 -50%
- Fayetteville, 804 -20%
- Greensboro-Highest Score, 579-57%
- Winston-Salem, 493-39%.
- Wilmington, 255 -49%.
- Asheville, 195-18%.
- Burlington, 192-53%.
- Greenville, 151-40%.
- Hickory-Lenoir-Morganton, 95-32%
- Jacksonville, 84-41%
- New Bern, 35, -64%
According to the latest NC Technology Association’s monthly “IT Job Trends” report, North Carolina’s unemployment rate declined for the third consecutive month, with job vacancies falling across the state. The April unemployment report from the NC Department of Commerce reported a slight drop to 3.4% as more than 16,000 people joined the workforce. However, two hundred “information” works were lost. The state still added a net 3,100 tech jobs, the report said.
The news wasn’t good on NC TECH data, which reported nearly 38,000 vacancies in May 2022.
Not all employment news is bad. Of the 50 businesses tracked in the Triangle — most of which are tech-focused — 49 continue to post job openings. But overall job openings in the Triangle are down sharply this year, according to data compiled for WRAL TechWire’s weekly job report.
Are you looking for a job? 49 out of 50 organizations in TechWire’s Jobs report are still hiring.
Ad openings fell to 17,840 last month, NC TECH reported. Although only a decline of 41, the total extended the “downstream” that began in February at 20,657.
So what’s going on?
“North Carolina and the U.S. once again had significantly lower IT job postings than recorded monthly figures for 2022,” said Andrea Fleming, director of NC TECH Talent + Workforce Development. “Surrounded by headlines of layoffs in the tech sector and an unstable U.S. economy, these numbers aren’t surprising, but they’re still disappointing to see.”
Surprisingly, Fleming said, “It’s worth noting that eight of the top 10 employers for the second month are not tech companies.”
NC State economist Dr. Mike Walden said the latest unemployment data reflects a “slow” labor market.
A positive report with more jobs and lower unemployment. But the rate of improvement in the labor market is slowing down, which is not unexpected given the Fed’s efforts to reduce growth to curb inflation. The big question is whether we will have months of recession. We hope so.”
Walden warned that the tech sector has continued to contract in recent months after strong hiring during the Covid-19 pandemic.
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