I’m an artist, not an economist, but my interest in the economy was sparked after 9/11 as I watched all of my friends loose their jobs and my 401k balance shrink for the first time ever. It appeared to me that we were heading into another dark age of world war and economic depression. The Tech boom crashed and the nation entered a recession that was beginning to hit home for many in the design community. Some NYC shops had folded because their clients relocated or just disappeared in the aftermath of the WTC collapse. Elsewhere in the design world, waves of refugees from the dotcom bust eventually hit the shores of our company. The following are some “notes from the inside”: the design job market from recession through recovery over the last six years.

2001
Economy: Bad—Job Market: Worse
In 2001, I had just been promoted to creative director of a national real estate company. We were growing so I had to hire a junior designer. Four days after posting the position on a job board, I had to pull the ad because I had received over 200 mailed-in resumes and portfolios. I clearly stated that this was an entry-level job, yet I received resumes from art directors, creative directors, senior editors and even a doctor. Most said they were recently laid off from their jobs in tech and dotcom start-ups, or that their company just went under. I was astonished that almost everyone was unemployed. I eventually hired Sarah, a recent design school grad, but I had my pick…the market in Boston was swamped with talent. The national unemployment rate had surged past 6% the next year, the stock markets were crumbling and companies everywhere were going bankrupt. I remember it was a rough time for designers looking for work.

2003
Economy: Improving—Job Market: Better
Fast forward two years and we just invaded Iraq. Wars are bad for people but great for economies… one of life’s bazaar paradoxes. Sarah decided to leave to start her own business so I needed to hire another designer. I ran the same job post and received another wave of applicants, but this time was a little different…most of the applicants already had jobs. Residential real estate was booming and everyone wanted a job in real estate, but the talent level was not there like in 2001. Anita filled the gap as a part-time designer for several months until a late-comer portfolio got my attention and I hired Karen full-time. The unemployment rate fell under 6%, the stock markets recovered, real estate prices were soaring and things were looking good. So good, that I needed to hire a second designer and Jeff came on later that year. We were very busy.

2005
Economy: Great—Job Market: Even Better
By early 2005, house prices were skyrocketing and it was party time. Karen found a new art director job and I needed another designer. I ran the same ad again, but this time… nothing. I had several unqualified applicants, but where did all the talent go? I reposted the job and got a few more hits, but I still was not satisfied so the opening languished for a more few weeks. Again, a lone straggler sent in her samples… great work, so I quickly hired Katrina.

It seemed that everyone, even the unqualified had jobs now. The unemployment rate was falling and corporations were hiring again. Our company had a banner year and even Katrina took a job at another real estate company for more money. By October, I was once again looking for a designer. I felt that if I ran that old ad again, I would get the same miserable response, so I hired my friend Jennifer. I was lucky she was ready to leave her current job. It appeared to me that employment situation for graphic designers had finally turned the corner.

2007
Economy: “The Greatest Economic Boom Ever”*—Job Market: Let’s Take a Look
*This was the headline of a recent CNNMoney.com article posted July 12, 2007. The U.S. unemployment rate is currently 4.5% and even lower in some states, global stock markets are hitting records and Wall Street is singing once again. Although real estate is finally cooling, we in marketing are busier than ever. I wish I could hire a third designer, but we’ve reached our staffing “quota”, so the design team as plenty to do.

My current observation from the street is that the economy has recovered and so too, the job market. Friends of mine that lost jobs in 2001-02 are now back at work. Another recession could be just around the corner, but at least for now, malls and restaurants are full again, traffic is terrible and everything is back to normal.

Where will the design jobs be in the future? In my opinion, just follow the money. I think the best opportunities will be found where people are spending and prices are rising. Whether they are corporate in-house positions, or design studios that support these industries; here are a few of the places to be for the next several years:

Healthcare and Pharmaceuticals
Welcome to Medication Nation. Americans are killing themselves with bad food, sedentary lifestyles and an insatiable appetite for pleasure. For example, sixty percent of the population is overweight and the healthcare industry is booming by treating, diabetes, heart disease, depression and other ailments related to obesity. Drugs are the cure of choice for many such ills and will be for some time. Crestor©?, Lunesta©?, Levitra©? Somebody has to design the logos for all these nifty new brand names.

Financial Services
Before they kill themselves with French fries and bacon, Americans will go bankrupt. The U.S. is addicted to debt… many governments, corporations and individuals are living on the edge, with refinance schemes and access to more credit their only hope. However, there are winners in this game: banks, credit card companies, investment firms and the like have recently been showing enormous profits. Finance will be the new driver of the our economy. As more people will need more credit to purchase all the latest iStuff, card companies will need more designers to create even more of those wonderful direct-mail credit card offers.

Colleges and Universities
What will it cost to send your kids to college? Tuitions and related expenses are rising because higher education is in demand. Increasing competition among workers and the need to develop specialized skills for the 21st century work force fuels this demand. There are already in-house opportunities at universities that provide benefits such as long vacations and reduced tuition costs for families of employees. Graphic designers and instructors who work for universities will be sharing in some of that love.

So there you have it, IMO. The attacks on 9/11 shook the country but it bounced back pretty strong. If our economy can rebound from such shocks in a few short years, it can probably withstand anything and job prospects for new designers look good in the sectors where the money is flowing.

Though real estate isn’t booming anymore, people will always need to buy and sell houses, so even I should be good for a while.

This entry was posted on Thursday, August 2nd, 2007 at 5:12 am and is filed under Design Careers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.