Tech job postings across NC shrink to lowest numbers in nearly 2 years

RALEIGH – Challenges in the US economy and the growing number of layoffs across the high-tech sector are impacting North Carolina, too, with advertised high-tech job openings in January dropping across the state to the lowest number since June 2021.

So reports the N.C. Technology Association today in its latest IT Job Trends report, which is issued monthly.

Openings fell to 30,116 – a drop of 2,000 since December. The decline is the third straight with stronger months such as October(38,511) and September (35,614) receding from memory. In May, openings had set a record at more than 40,000.

The Triangle has not been immune to the trend with openings shrinking some 10% compared to a year ago. And that decline is reflected in data to be published in Tuesday’s WRAL TechWire Jobs Report with the top 50 firms tracked weekly showing a drop of open positions to under 2,900 – a decline of more than 18% over the past month.

So what’s happening?

Andrea Fleming, Director of Talent and Workforce Development at NC TECH, noted in the report: “While it’s hard to see the postings decline, this data is not a surprise with significant layoffs in tech continuing to make headlines. Companies are in an adjustment period post COVID as well as dealing with economic uncertainty.”

N.C. State Economist Dr. Mike Walden says the hiring slowdown reflects the tech sector’s eagerness to hire during the pandemic and the realization now that demands are changing as workers return to offices and the overall economy slows under the weight of higher interest rates.

“The tech sector was ahead in this transition to slower growth because it expanded so dramatically during the pandemic as people and businesses turned to technology to cope with restricted personal interactions,” Walden told WRAL TechWire.

“Now that most restrictions have been lifted and society is increasingly returning to pre-pandemic life, the tech sector has realized it expanded too much – hence it is cutting back on employment. Still, in my view, the long run outlook is excellent for the tech sector and tech employment, especially in the Triangle.”

NC TECH Association graphic

However, Fleming pointed out there “are some bright spots. Meta has confirmed an engineering hub in Durham to employ 100. The Kenan Institute has shared a report on Big-City GDP showing the Raleigh-Durham area at #4 fastest growing metro in the US for 2023. And there are 30,000 IT openings posted for the state.”

Job openings fell the most in the Charlotte metro, down 23%.

Postings fell slightly in Raleigh – 3% to under 10,000 – and were down 20% in Durham-Chapel Hill at 2,867.

On the positive side, tech job postings in Fayetteville soared 65% to more than 1,400.