OPEC Boosts 2012 Demand Estimate – Good News for Job Seekers

December 21st, 2011

As the Organization of Petroleum Exporting Countries (OPEC) ups its 2012 estimate for the demand for crude oil worldwide for a second month in a row, this is positive news for the thousands of energy and IT engineers seeking work in the coming year. Supply for crude oil and associated oil and petroleum based products is expected to supply both American and foreign need for more staff to handle the complex processes needed to produce consumer products. However, this may not be great news for some in the manufacturing and transportation sectors – two industries hit hard by the economic recession.

The OPEC forecast was recently the topic of a Bloomberg Report, that stated, “OPEC will need to produce 30.1 million barrels a day to balance global crude supply and demand”, according to the group’s secretariat. “That’s up 100,000 barrels a day from its forecast last month. OPEC cut its global demand forecast for 2012.” OPEC officials further went on to say, “Economic turbulence is shaking oil demand as the slowdown hits manufacturing activities worldwide.” We can only hope that the interest of developing less expensive, more plentiful energy sources leads to more jobs for millions of deserving workers around the globe.

For engineers and IT professionals, the career outlook is positive, in light of President Obama’s recent American Jobs Act speech  that put the focus on creating more jobs by making improvements to the educational system to produce more skilled engineers and IT workers over the coming decade. America has yet to catch up to other developed nations, like China and India, in terms of the number of engineers and IT professionals available, but this initiative will encourage those looking for new career opportunities to consider engineering as a viable option.

We need technology to continue growing if we are to stimulate the economy, so OPEC’s projections confirm that the demand for qualified workers is critical for long term growth and to keep up with industry demands. According to OPEC, “Oil demand will average 88.9 million barrels a day next year, about 100,000 barrels less than its previous forecast, as demand growth in China and India slows, it said. Consumption will average 87.8 million barrels in 2012.” While America struggles to find alternative forms of energy, it’s clear our love affair with gas-powered vehicles and equipment will continue to create jobs in the New Year.

Looking for an engineering, IT or other energy related job for 2012? Consider working with the career experts at Stark Talent for great opportunities!

 

Engineering Salary Trends for 2012

December 8th, 2011

When President Obama recently indicated as part of his American Jobs Act speech  that we need to push for more engineers to help recover the US industrial infrastructure, many technical and engineering schools around the nation began positing themselves for the onslaught of new engineering students. Engineering is one of the top paying careers with the average earnings in the US hovering around $91,628, according to most recent figures from Salary.com, a popular industry salary watchdog.

Traditionally, the US is somewhat behind other developed nations in the number of engineers we produce annually, with approximately 70,000 US engineers vs. 400,000 or more coming from China and India alone. According to Paul Otellini, CEO of Intel and an active member of President Obama’s “Council on Jobs and Competitiveness”, who recently stated, “A chronic shortage of engineering students threatens America’s role as the world’s leading innovator and continues to impede our nation’s fragile economic recovery.”

It’s obvious that engineering jobs will continue to be in demand and will be some of the top paying jobs in the USA going into 2012. Here is a review of what’s looking to be some trends in engineering salaries and jobs for the coming year.

A recent CNN report on the “Best Jobs in America 2011”, listed engineering jobs in two of the top ten spots, with salaries of $110-113K and a 24-30% expected job growth in the next ten years. The most popular engineering jobs fall under the civil engineering and environmental engineering categories, not surprising as these are the areas related to the rebuilding of America’s infrastructure. There are, however, debates about the pay rates of engineers vs. public figures like celebrities and politicians who are bringing in hundreds of thousands more annually for very little real skills as evidenced by a recent article on EngineerSalary.com.

The Department of Labor Statistics indicates that the top paying engineering jobs exist in Aerospace, Computer Hardware, Nuclear and Petroleum, with earnings of between $92,500 to $108,000 on average annually. The highest paid engineers are earning nearly $150,000 per year in the energy sector, which is not surprising given the urgent need for more energy resources and development in the USA. Additionally, IT engineers who hold advanced certifications are likely to earn the most, according to a recent industry survey of over 700 professionals in this field.

For new graduates of top engineering programs, such as those found at prestigious universities such as Stanford, Yale, Harvard, Princeton, and UC-Berkeley, the odds of finding a well-paying job in any area of engineering are very good. Stanford’s Career Development Department Director, Lance Choy, was quoted in a recent post that engineering student starting salaries for 2009 grads were up to $120,000 per year, with over a 70% placement rate within 4 months of searching. “Choy cited market demand and the recruiting process itself as the main determinants of job-search success.”

Look for great opportunities as we head into 2012 in terms of opportunities in engineering roles across all industries. To increase your odds of landing a high paying engineering job, consider getting signed on with a quality engineering placement agency like Stark Talent today!