NC State Economist Dr. Mike Walden – “Where the STEM Jobs Are”

Mary:  This is Mary Walden with economist MW, welcoming you to the economic perspective.  Today’s program looks at where the STEM jobs are.  Mike, STEM is a term encompassing science, technology, engineering, and math.  STEM fields are heavily promoted today, using the idea that our society is increasingly being shaped by advances in these science and science-applied fields.  But are all STEM fields created equally?  Is the job market different for components of the STEMs?

Mike: Summary Answer

  1. In terms of majors, STEM breaks down to include life sciences, engineering, physical sciences, mathematical sciences, and computer sciences
  2. Comparing estimates of job openings in the next decade calibrated by the US Dept. of Labor compared to the most recent number of college graduates in the fields, looks like the best ratio of demand (job openings) to supply (new graduates) will be in the computer sciences
  3. In computer sciences, there are expected to be more job openings than graduates in the coming decade
  4. In the other STEM majors, there are expected to be more graduates than job openings
  5. Makes sense in that computer science fields are where most of the technological advances are coming from
  6. Of course, the market could – and likely will – adjust – with reductions in the pace of graduates in physical, life and math science improving the demand/supply situation, and more computer science grads worsening the ratio there
  7. I’m MW

Mary:  And I’m Mary Walden for N C State Extension.