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Tech Job Seekers Beware: US Software Developer Market Has Peaked

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Software Developer Employment Trends Amid Pandemic Recovery

The tech industry has been a hotbed of opportunity for years, with software developers in high demand and commanding top dollar for their skills. However, recent data shows that employment for software developers has dipped from pre-pandemic levels, making it tougher to land high-paying tech jobs.

According to a report from the ADP Research Institute, software developer employment has declined since January 2018. Glassdoor’s lead economist, Daniel Zhao, attributes this decline to a cooling tech job market, rising interest rates, and a slowing economy overall. While employment in the tech sector is still higher than pre-pandemic levels, the job market for software developers is not as hot as it once was.

Nela Richardson, ADP’s chief economist, notes that the software developer occupation is not outdated but has become more efficient, requiring fewer workers. This means that it may take longer for young tech workers to land high-paying jobs straight out of university or from their first job.

Despite the decline in job postings for software developers, the demand for these jobs is still healthy, and they remain well-paying gigs. The Bureau of Labor Statistics reports that the median annual wage for software developers is $132,270.

Experienced software developers may face challenges in finding a job that pays as well as their previous one, while new graduates may need to explore other tech roles beyond software engineering. Job-search platform Indeed has seen a decline in job postings for software development roles, indicating a shift in demand within the tech industry.

For those considering a career change in the tech industry, it’s important to think about long-term prospects rather than just the current job market trends. While some tech roles may not be as flashy or offer as high of compensation as before, they still provide good long-term opportunities.

Have you made a career change to or from software development or another tech job? Share your experience with us at mhoff@businessinsider.com.

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