Technology Wages Rise 2.5% in Third Quarter
PHILADELPHIA, November 20, 2003 – Wages for technology workers rose 2.5% in the third quarter, compared to the same period in 2002, according to the Yoh Index of Technology Wages.
Pay rates for workers in all major technology segments, including information technology, scientific, engineering and aviation, registered consistent gains. The telecommunications sector recorded growth of almost 8%, as companies continue to build their wireless infrastructure after nearly two years on the sidelines. Overall, the Yoh Index of Technology Wages ended the quarter at 106.65, when indexed to January 2001.
"The Yoh Index of Technology Wages indicates consistent, solid growth in the past quarter," said William C. Yoh, President & CEO of Yoh. "We believe we are entering the end of an era of jobless growth with companies beginning to hire again as a result of increasing customer orders and overall consumer spending."
Technology wages in the mid-Atlantic section of the country continue to
experience strong growth, fueled by demand from pharmaceutical and biotech
companies. This demand is tied closely to spending on R&D, clinical research and the overall advancement of bioinformatics. Demand in the southwest, particularly in the Phoenix and Tucson markets, appears to be growing as well, primarily due to increases in IT spending.
"Overall, we're seeing stronger growth in the services market compared to the manufacturing sector, which is consistent with a recent Bureau of Labor Statistics report," says Jim Lanzalotto, Vice President, Strategy and Marketing for Yoh. "Demand for higher-level skills, whether in the IT, scientific or engineering field, is driving the market right now."
"Recent activity on our site points to stronger growth in the technology
sector," said Scot Melland, president and CEO of Dice, Inc. "With job listings on Dice.com up over 46% since the beginning of the year and the majority of our customers planning to increase their hiring over the next six months, we believe the tech labor market has turned a corner."
About Yoh Index of Technology Wages
The Yoh Index of Technology Wages is based on a quarterly sample of the
temporary technology labor pool being utilized by more than 1,000 businesses in the aviation, engineering, IT, manufacturing, scientific, telecommunications and utility communities. This quarterly sample encompassed more than 5,000 technology workers. The Yoh Index of Technology Wages provides a unique barometer of the changes in employer demand and supply of technology talent nationwide. For more information please visit yoh.com/yohindex.
Intended for reference only. Yoh does not make any warranty, expressed or
implied, or assume any legal liability or responsibility for the completeness, usefulness, accuracy or quality of the information provided. While reasonable efforts have been made to ensure the accuracy of the information provided, the information is subject to change without notice and cannot be guaranteed to be current.