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Tax Reform ‘Would Be a Boon for the IT Job Market’

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After a year impacted by hurricanes, fires and political uncertainty, the IT job market is anticipated to grow by 80,000 to 100,000 new positions in 2018.

That’s according to Janco Associates‘ analysis of the latest U.S. Bureau of Labor Statistics employment data. The firm anticipated dismal job growth through the end of this year.

IT jobs Janco“With the looming passage of the tax reform bill and the finalization of 2018 budgets, prospects look brighter for all IT professionals except for those focused on the telecommunication disciplines,” said Victor Janulaitis, Janco’s CEO. “Natural disasters have a short-term negative impact on IT job market growth, but that typically recovers within 30-90 days. On the other hand, political uncertainty has a much more lasting negative impact. In our opinion, political uncertainty was the primary driver for the sluggish growth of the IT job market in 2017. With the passage of the tax reform bill, trillions of dollars will be repatriated to the U.S and will be invested in this economy. That will result in the need for better technology infrastructure — meaning more new technology jobs.”

Janco expects major development efforts in several areas, such as: Blockchain applications making seamless transaction processing; big-data applications that will focus on customized sales, marketing and service programs; and digital and social marketing that will focus on millennials.

“(Internet of Things) IoT applications that will become even more pervasive as more device types and applications are implemented, and security and reputation protection will be addressed in a more robust fashion,” Janulaitis said. “CIOs and CSOs know that their careers depend on protection from cyber attacks and meeting mandated compliance requirements. These C-level executives know that key to finding the right new staff will be a clear and concise definition of roles and responsibilities of individuals involved in those new areas.”

Janco interviewed 107 CIOs, CFOs and CEOs as part of it’s IT Salary Survey process.

“Budgets for the new year are still in flux as the impact of the proposed tax program is not understood yet,” Janulaitis said. “The tax reform packages with the ability to repatriate offshore profits, if passed, would be a boon for the IT job market.”


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