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ORS Market Update

ORS Partners – Market Update

With the market’s constant focus on the technology industry, it is no surprise that technology roles are always in constant need. With an insufficient supply of top technology talent compared to the rising number of technology jobs available, technologists are in high-demand. However, after reviewing 2017 data, the technology industry has taken a back seat to healthcare in terms of job growth and hiring.

Between 2016 and 2026, The Bureau of Labor Statistics reported that healthcare occupations are projected to grow 18%, whereas computer and information technology occupations are projected to only grow 13% within the same timeframe. Philadelphia’s regional growth already aligns with this trend as we have grown from 606,000 healthcare employments in January 2016 to over 630,000 employments in January 2017 already. While tech job growth is lagging behind, considering we only grew by 5,000 new tech jobs in the state of Pennsylvania in 2016.

Regionally, the growth of healthcare opportunities is magnified due to the Greater Philadelphia Area’s booming healthcare ecosystem. The region is home to 26 hospitals, 6 of which are nationally ranked by the U.S. News and World Report. The expansive hospital landscape is also known for its educational programs for aspiring medical practitioners, which continually replenish the healthcare talent pool. Compared to all industries in the Philadelphia area, healthcare claims the most employed individuals ranging from 646,000+ to 638,000+ in Q2 and Q3. These national and regional growth rates and projections coincide with our internal talent data here at ORS Partners. We have tracked total hires for the second and third quarter of 2017 and their industries across fifty clients, and healthcare ranked as the highest number of hires over technology in both the second and third quarter. Although the technology and healthcare industries are competitive in the race for top growth and hiring rates, these two fields are becoming increasingly fused together and healthcare technology is developed.  With positions and companies focused in healthcare data analytics and biotechnology, both industries are dependent on the other’s continued growth and evolution.

If you are in need of support for your healthcare or technology growth plans or are looking to consult with someone about your hiring needs, reach out to us today.