The tech industry has a booming workforce, but it also has a growing pool of talent in technology, a new report finds.
In a study released Monday by the McKinsey Global Institute, the company found that the tech sector added more than 9.6 million jobs last year, compared with just over 7 million the year before.
But the growth came as technology’s share of the workforce fell, from 41 percent to 34 percent, the study found.
The tech sector is the largest employer in the U.S., accounting for about 4 percent of all jobs in 2017.
But despite the economic boom, it’s the fastest-growing sector of the economy.
The sector added a whopping 6.6 percent last year.
And while that was good news, it wasn’t enough to erase the fact that the sector is growing at a rate of about 1.5 percent a year, the McKinseys report said.
As the industry grows, it must balance increasing demand for its products and services, with the need to hire more workers for those jobs, the report found.
The McKinsey report says the growth rate of the tech-focused workforce is at a record high, at 3.5 million new jobs in 2020.
That’s up from 2.9 million in 2017, and represents a significant jump of more than 20 percent since 2000.
That growth was fueled by a growing demand for digital and artificial intelligence-related services, as well as growing demand from emerging markets, the survey found.
But some of the growth has come in areas like the retail and hospitality sectors, the researchers found.
While the sector grew at a moderate pace, the growth of tech workers in the retail sector is a particularly troubling trend.
In the first quarter of this year, for example, the number of retail jobs declined by 9,000 compared with a year earlier.
The study also found that there are a number of other factors that are slowing growth in the tech workforce.
It said the economy is becoming more competitive.
For example, there are fewer workers in tech-based industries, which have lower salaries and benefits.
Many companies have shifted to online platforms and cloud services to reduce costs.
The result is that more people are entering the tech economy, but less of them have a steady job.
While McKinsey says that the trend will continue, it also warns that the industry’s growth may slow.