RALEIGH – North Carolina’s high-tech sector is holding up well – so far – during the virus crisis but executives for the most part predict an economic recovery won’t begin until August or September, according to a new survey from the NC Technology Association.
And many companies are still hiring.
“The tech sector appears to be faring better than many other parts of the economy,” the business advocacy group said based on its feedbacj from some 140 executives across North Carolina.
“Fully 60 percent of those polled report that demand for their offerings has increased or remained neutral, with 40 percent indicating a reduction in business.”
While layoffs have sent more than 400,000 North Carolina workers looking for new jobs and unemployment checks, NC TECH says “over 40 percent of tech sector leaders say that their organizations are continuing to hire.”
A check of jobs site Indeed.com found available positions at Red Hat, IBM, Cree and Iqvia, to name just a few, while startup Pendo is looking to fill 30 jobs. Wilmington-based nCino has nearly 200 openings, according to Indeed.
[In February, NC TECH reported more than 30,000 open information technology jobs across the state.]
Only 7 percent said they had made layoffs, furloughs or were considering cuts in compensation.
More than half – 52 percent – said hiring has been frozen.
However, not many executives see a rapid recovery from the coronavirus pandemic.
“Only 30 percent anticipate improvement showing up in June or July, with 41 percent predicting August or September,” NC TECH said.
“More than a quarter of respondents believe better economic conditions will begin to show later than September.”
And once a rebound begins, some 66 percent of the execs said they expect a “U-shaped” recovery: A gradual bottoming out, then begining to recover.
The other third expect a “V-shaped” rebound – a “quick pivot to accelerated growth.”
IT jobs ‘hold steady’ in February, but coronavirus has upended future outlook
