IT Job Market Improves Insurance IT Down
45,800 jobs were added to the IT sector in the past 12 months, but the financial services industry has seen a decrease of 25,000
For the last few months, there has been a steady increase in overall employment for IT related jobs. The number of individuals employed in IT has increased by 7,300 in March, 9,100 in April, 10,000 in May and 45,800 in the last 12 months, according to BLS data analyzed by Janco.
Janco Associates in association with eJobDescription.com analyzed the recent data and confirmed that since January there has been an up-trend in the number of individuals employed in IT jobs. The greatest increase, as a percentage, has been in jobs that are related to the IT support functions as companies are beginning to hire staff positions that were cut earlier in response to the recession. These jobs tend to be the "lower paying" ones within IT’s infrastructure. “The flood gates have not yet been opened for general hiring as CIOs are still being cautious in keeping cost down while trying to improve overall service levels,” says Victor Janulaitis, CEO of Janco.
The finance and insurance industry has seen a different story. In the past 12 months the industry saw a .48% decrease in IT jobs. In May 2010, the Janco reported 5,682,000 jobs in the industry, and in May 2011, 5,657,000.
Employment is on the rise in health care IT and spending will reach $40 billion by the end of this year. Much of that growth will come from spending on electronic health record (EHR) systems, mobile health applications and efforts to comply with new government standards.
Health Care vs. Financial Services Job Growth
Employment is on the rise in Healthcare IT and spending will reach $40 billion by the end of this year. Much of that growth will come from spending on electronic health record (EHR) systems, mobile health applications and efforts to comply with new government standards. Boosted by increased spending on healthcare software -- which is needed for the rollout of EHR systems -- the U.S. healthcare IT market is expected to grow at a rate of about 24% per year from 2012 to 2014, the study said. Spending on healthcare software rose 20.5% in the past year, from $6.8 billion in 2010 to a projected $8.2 billion this year. Recent mergers and acquisitions in the healthcare IT market also point to growing private-sector interest in software, which will see sales grow at rate of more than 30% annually from 2012 to 2014.