Dice forum commenter "Nytechconsultant" observes: "Lots of the investment banks here in Manhattan are cutting full-timers left and right. You should see the e-mails I get now: 'Know of any job openings?' They're from people with 10-plus years of experience at the top investment banks and pharmas in the country! Me personally, my contract was renewed until June, but I didn't spend a damn thing this holiday season because I, too, have a bad feeling about 2008."
The banks certainly didn't hire during the fourth quarter. On Dice, the number of IT job listings for New York City tumbled 14 percent. It was the first period of 2007 that showed a drop-off, so seasonality may be at least partially to blame. (Currently there are more than 9,500 jobs listed.) Luckily, New York jobs pay well - which they must given the city's high cost of living. According to the new Dice salary survey, the average New York IT job paid $80,770 in 2007, up nearly 1 percent and ahead of the national average by about $6,000
What skills are most in demand? According to Bilinski: "Application development utilizing Java, C#, and/or C++ are still the most prevalent. Web development is still very strong as most companies, regardless of industry, are trying to develop their Web presences. Everybody needs Web developers. The most commonly needed skill sets are HTML, DHTML, CSS, JavaScript, XML, Ajax, and the like. In addition, business analysts are still in demand." The 2008 Robert Half Technology Salary Guide also shows strong demand for database administrators and network managers.
Bilinski is even cautiously bullish about Wall Street. "The investment banking industry will remain a bright spot for New York, regardless of market conditions," he says. "These large banks spend hundreds of millions of dollars on IT every year, so even if they all reduce budgets, there will still be a very large demand for IT talent."
His bottom line: "There have always been a million reasons why companies shouldn't build their IT in New York, but this job market has continued to be a leader, and IT is still growing in NYC."
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However, with the financial industries feeling besieged at the moment, New York IT experts - who rely on Wall Street to provide a steady stream of good jobs - must be wondering what's next for them.
