Engineering Talent Demand Week of May 2nd, 2024 – We Were Wrong

Wright Demand Ratio

The team at Wright had predicted that the Engineering Demand Gauge would change to four to one going into May. We were wrong. As Bloomberg reported here, along with several other news sources, U.S. job openings have recently hit a three year low. This is across all jobs, all professions and all industries.

The same goes with Engineering but not to the extent of other professions. While our measures show Engineering demand remains at three to one, and total openings are lower than they were in April, total openings for Engineers are still 50% higher than they were in January. And demand for Mechanical Engineers specifically continues on its upward trend.

While we had some fears related to interest rates and inflation, and that it is an election year, the team at Wright remains insanely optimistic. We’re back on pace with our record highs for client openings we’re being asked to recruit on. Also worth noting, we drove about as much business in Q1 as we did in all of 2023. Q2 looks to be trending in the same direction. From our perspective it remains a great time to be an engineer!

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