USA Tech Market in review – Will 2023 top 2022?
“It was a quarter dominated by flux,” says Simon Troupe, Business Director, of Q4, 2022. Despite the fact that global semiconductor sales growth slowed during the second half of 2022, and revenue from the industry is forecast to total $596 billion in 2023, down from the previous forecast of $623 billion, there are still “jobs everywhere.” A July 2022 survey of senior semiconductor executives indicated that 70% are still anticipating higher than expected profitability over the next two years.
Since the federal tax credit was launched, there have been over a dozen announcements from foreign automakers investing in EV production in the US. Jobs in electric vehicles continued to grow in Q4 2022, with predictions that the industry will need to fill 10 million jobs globally by 2030. Battery companies also remain hungry for talent to meet the demand they’re seeing from electric vehicle automakers.
“There are still shortages of qualified candidates across the market,” Troupe says. Just in the United States, it is predicted that 50,000 new semiconductor engineers will be needed over the next five years to keep up demand. If candidates are flexible in terms of location, he says, they will be able to find the right opportunities. Hotspots in the US like Illinois, Minnesota, Detroit, Texas and Florida, have extensive roles for tech talent in semiconductor and automotive industries, with multiple newly built factories and research labs planned to be built from help by the subsidies from the Chips and Science Act.
This investment, coupled with global supply chain issues and strict visa laws in the US have meant that talent shortages have not been eased by immigration. Engineers in the US generally have continued to enjoy unemployment rates well below those of other college graduates,, alongside competitive salaries and benefits.
The average semiconductor engineer salary is $114,473 in the US, with a range typically between $103,500 and $128,306. Salaries for experienced battery engineers can range from $100,000 US to up to $170,000 US.
Troupe remains optimistic about the market in the US, with USA Tech Recruit, expanding its presence across the US tech market.
“As a business, we have continued to grow at a consistent pace, and continue to do so in 2023.”
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