Job Market Update - Winter 2021
challenging times!
Despite the push and pull of forces that the COVID-19 pandemic exerts on both our national and local economies, the staff at elite remains dedicated to finding qualified workers in this increasingly challenging business environment. While learning to adapt to a business environment unseen in modern times, we remain confident in our ability to fulfill the staffing needs of our clients as we adapt to the “new normal.” Having the most talented personnel in place may be the difference between surviving and thriving in the post-COVID workplace. There is a reason why Forbes picked us for inclusion on the list of Top 1% of America’s Best Professional Recruitment Firms for 4 years in a row — 2017, 2018, 2019 and 2020! The coronavirus changes the rules of engagement, but not our resolve to deliver for our clients.
Will we keep finding great candidates for our great clients while we come to grips with the current pandemic challenges? YES! Is Elite up to challenge? Absolutely!
a glimpse into how the DMV is positioned during this unique period...
the federal government powers the dc metro economic engine
While the business world continues to struggle with the realities imposed by business shutdowns, downturns and government mandates, we are situated in a labor market dominated by both the largest customer on the planet, the Federal Government, and the large number of government contractors that support it. Despite the tough economic climate that has slowed economic growth, the government, its contractors, and local businesses have shown resilience being slightly ahead of the national trend towards jobs recovery.
Maryland is a national leader in high tech employment
One market sector that remains viable in an otherwise gloomy economy is the technology sector, a sector where Maryland remains one of the most robust markets in that space.
Here are the numbers!
Maryland ranks in the top 5 among all states in the U.S. on a variety of prestigious advanced technology indicators. These include:
The Milken Institute's State Technology and Science Index for its ability to foster and sustain a technology sector, a major indicator in determining a state's economic health.
Concentration of tech industry employment in the total workforce.
The Information Technology and Innovation Foundation's State New Economy Index, which evaluates state economies on 25 factors, including globalization and innovation.
The Bloomberg U.S. Innovation Index. The Index evaluates states in six categories, including patent activity and research and development.
Maryland also ranked in the Top 10 of "Innovation Champions" by the Consumer Technology Association.
Federal agencies located in Maryland have been a catalyst for the State's technology base. These include:
National Institutes of Health
National Institute of Standards and Technology
NASA, Goddard Space Flight Center
Department of Defense Operations. Advanced Technology Enterprise
The coronavirus has certainly elevated the need for innovation and support from the biotechnology and pharmaceutical industries, areas in which Maryland has invested heavily and remains a national leader. As home to the National Institutes of Health, the Food & Drug Administration and Walter Reed Medical Center, it’s obvious why the Maryland job market remains relatively more active than other regions of the U.S.
Northern Virginia continues to be a sustainable business center
Northern Virginia, like Maryland, has felt the effects of our slowing economy, but is also proving to be a resilient environment for conducting business. The reason, as you may have surmised, is that it too has tied its fortunes to the unceasing need for technological advancement and support.
Northern Virginia is the economic engine of the Commonwealth of Virginia as well as the entire Washington Metropolitan Area. It boasts a large, diverse business community with a highly educated workforce. Known for its entrepreneurial spirit and technologybased companies, it’s no surprise that nearly 70% of all Internet traffic flows through Northern Virginia.
Professional, scientific and technical services account for 28 percent of employment in the region (four times the national average). Employers rely on a large pool of executive, management and financial workers. And it is a young workforce: one- third of the region’s professional and technical jobs are held by young adults ages 19 to 34. It’s no news flash that a youthful workforce is key to the healthy economy during the current pandemic.
Northern Virginia is home to more than 400 companies from 46 nations. These companies bring fresh new ideas and perspectives from around the world. Companies are attracted to NOVA because the area boasts:
One of the world’s largest clusters of technology firms and related services
A state-of-the-art technology infrastructure
Access to a regional market of more than 6 million people
Proximity to the U.S. federal government which continues to need staff at all levels
Proximity to international financial institutions, the diplomatic community, and embassies
The largest market for data center space in the U.S., home to 4.7 million square feet (SF) of commissioned data center space, representing 955 megawatts (MW) of commissioned power.
Today, Northern Virginia is better poised to continue as a significant economic driver for the region.
DC is more than just the federal government. Consider these facts
After the Federal Government, the professional services industry is the largest employer in the District, with almost 125,000 jobs. While the professional services sector encompasses a diverse range of specialties, the four largest subsectors of this sector in the District by employment are:
Administrative and support services (47,500 jobs)
Consulting and research (31,500)
Legal services (29,000)
DC has nine times more lawyers per capita than New York City!
Accounting, architecture & design (9,000)
The hospitality and tourism industry, which has historically been one of DC’s strongest sectors, supporting almost 75,000 jobs in the District, is unfortunately suffering from the effects of the dramatic downturn in travel and tourism. The number of visitors to DC has decreased dramatically since March 2020, and at this time it is difficult to predict when it will come back. The three main sub-sectors of this industry are:
Accommodations (15,000 jobs)
Food services such as restaurants (52,000 jobs)
Arts and entertainment (8,200 jobs)
The statistics cited above provide an eye-opening view of the significant negative impact the pandemic is having on this crucial sector of DC’s economy.
As with its neighbors, Maryland and Virginia, technology is also a major driver of employment and innovation in DC. According to the Census Bureau’s classifications, the technology sector accounts for 31,000 jobs in DC, a figure that underestimates the influence of the industry, given that technology is also an important part of other industries such as consulting and life sciences. The Nation’s Capital continues to attract millennials, who bring a vibrant, diverse workforce to the area, which hopefully will help sustain the DC economy as we continue to deal with COVID-19.
Keep reading: Our blog on Onboarding New Employees in the “New Normal”
Are you scaling your workforce in the midst of the “New Normal”? Get in touch with Elite Personnel to learn more about our Temporary, Temp-to-Hire and Direct Hire processes. Or you can call Nicole, Director of Client Services directly at 301.951.3333