At the end of 2014 and with the start of the New Year, TeamSoft has experienced a spike in job demand in the Madison area. When we looked into this demand data further, we found a report from the United States Department of Labor revealing an increase in labor demands in 2014, most notably in the month of November. Through November 2014, the U.S. economy has averaged 241,000 new jobs per month. In 2013, the average for the 11 months was 204,000 and in 2012, it was 184,000. According to economists, the growing labor market will not let up this year with job growth approaching or exceeding the estimated 15 year high reached in 2014. As the data on the next several pages shows, TeamSoft has experienced a significant increase in overall demand, led by growth in Business Analyst and Project Manager positions.
The Labor Department’s report also showed an increase in the average number of hours worked in an average week. A combination of increased workload, rising demand, and the previous report by TeamSoft (2014 Q3 Newsletter) showing a recent tightening of labor supply leads us to believe that clients should continue to experience upward wage pressures. 2015 promises to be an interesting year as we anticipate seeing significant IT demand continue in the Madison market.