The Case For Tech-Employment Resilience During COVID-19
March 22, 2021
Core technology jobs are weathering the pandemic better than many other occupations as demand stays strong for tech services and products that support social distancing and basic business and societal functions. This bodes well for tech hotspots across North America.
The tech industry already is a pillar of the U.S. economy. In the past five years, one of every four new office-space-using jobs created were in the technology industry. That influence extends to commercial real estate: Tech companies in this year’s second quarter accounted for 20.5% of office leasing activity in the U.S., more than any other industry.
The pandemic has paused tech’s momentum but not derailed it. Analysis of tech job cuts reported by layoffs.fyi since March 2020 shows that approximately 90% of the reductions were to non-technical functions such as marketing, administration and sales. This further reinforces the importance of tech talent to support and foster innovation, even during tough economic times.