STATE OF TECH EMPLOYMENT The State of Tech Employment Tech Employment Trends At the start of 2023, the tech world was preparing itself for the worst. Fears of hyperin昀氀ation, smaller pro昀椀ts, uncertainty about the future and more had tech leaders predicting a full recession inside the IT economy, with mass layoffs and company closures among a sea change inside the industry. At the end of 2022 heading into the 昀椀rst quarter of 2023, some of this came to fruition. Seemingly every day there was a new headline about layoffs in different companies across North America. In fact, the start of 2023 saw the biggest wave of layoffs in the past decade, with 150% more layoffs in the 昀椀rst half of 2023 versus the year prior. Tech Layoffs in 2022-2023 Source: layoffs.fyi, 2023 100,000 300 Employees Laid Off 75,000 Companies w/Layoffs es 200 s ye 50,000 ff yo Emplo 100 La 25,000 0 0 JAN FEB MAR APR MAYJUN JUL AUGJSEP OCTNOV DEC AN FEB MAR APR MAYJUN JULAUG 2022 2023 Time However, when looking deeper into the numbers, it shows that Even with these seemingly the IT economy was far more resilient throughout the year than catastrophic numbers, layoffs what was predicted, with tech unemployment rates still far below only rolled the tech industry the national rate, reaching below 2% in the summer and bumping back by 8% of the post- pandemic growth. slightly up in the fall to 2.1%. 03