Latest news with #SmithSchoolofBusiness
CNN
27-02-2025
- Business
- CNN
It's America's fastest-growing job – thanks to ChatGPT
On the hunt for a new job? Building artificial intelligence tech could be a safe option. The market for jobs in the AI sector has surged in the last two years, according to a recent analysis from the University of Maryland and job-tracking firm LinkUp — the latest in a slew of studies indicating AI skills are in high demand. Anil Gupta, a professor of strategy, globalization and entrepreneurship at the University of Maryland's Smith School of Business who co-led the research, said the analysis showed a clear 'ChatGPT effect,' referring to how the OpenAI-developed chatbot's launch led to the job posting spike – replacing many IT-related job listings. The analysis comes from AIMaps, a collaboration between the University of Maryland's Smith School of Business and LinkUp. The program tracks the growth of AI jobs across different sectors in the United States, such as manufacturing and retail. Job postings in AI fields have spiked 68% in the United States since the end of 2022, while overall job postings have declined 17% in the same period, according to the AIMaps data. According to ZipRecruiter data provided to CNN, AI job postings on the site grew 124% from 2023 to the end of 2024. In January, LinkedIn listed AI engineer and AI consultant as the fastest-growing jobs in the US, and PwC found last year that jobs requiring AI skills were growing more than three times as fast as all jobs. On the other hand, IT job postings (including those that write programs not related to AI) have also declined 27% since the end of 2022, according to Gupta. While AI has resulted in some new types of jobs, tech giants have also slashed their workforces after announcing major investments in AI technology — though not all the layoffs were because AI replaced human workers. Last year, Google laid off workers across its Google Assistant and hardware divisions a few months after announcing a multibillion dollar investment in the AI startup Anthropic. And a World Economic Forum survey last month found that 41% of employers intend to downsize their workforce in favor of AI by 2030. 'We already know GitHub Copilot and other AI tools are able to do 60-70% of the coding,' Gupta said. 'Four people can do the job of 10.' The global AI race is only getting started, as evidenced by the recent release of DeepSeek, a Chinese startup that shook the market with an AI model reportedly developed at a fraction of the cost of American competitors like ChatGPT. Gupta said DeepSeek's open-source approach — meaning its architecture is publicly available for other companies to use and adapt — could accelerate the AI industry's growth. 'This will lead to an even faster deployment of AI technology in every industry, be it software development, technical services, banking, insurance, manufacturing, or agriculture,' his team wrote in their analysis. Over two years since ChatGPT helped spark an AI boom, American tech giants are still making hefty investments in their AI programs. In January, Microsoft announced plans to invest about $80 billion in fiscal 2025 on AI data centers, and President Donald Trump announced the creation of Stargate, a collaboration between OpenAI, SoftBank and Oracle that plans to invest up to $500 billion in AI infrastructure in the coming years. Artificial intelligence jobs are in especially high demand in the consulting sector, Gupta said, since non-AI firms typically hire consulting firms like Accenture and Bain to help develop AI tools — for example, a machine learning engineer or a product manager for a generative AI tool. Accounting firm Ernst & Young reported in December that 97% of business leaders whose organizations invested in AI saw positive returns on investment. But many companies may still be slow to adopt the technology amid potential privacy and security risks, said Julia Pollak, chief economist at ZipRecruiter. AI job growth is occurring alongside a broarder slowdown in hiring across the job market. Companies are increasingly looking to 'do more with less,' said Lisa Simon, chief economist at Revelio Labs, which tracks publicly available workforce data. 'They've been centralizing functions, eradicating unnecessary roles, reviewing every function and reducing layers of management, focusing very closely on cost control,' ZipRecruiter's Pollak said. 'That's been a direct result of high interest rates and reduced access to credit.' Despite the higher demand for AI jobs, it is too soon to tell how the AI boom is impacting specific jobs, Pollak added. She speculates hiring plans may be 'leaner' now because AI tools have made some fields, such as content writing, more efficient. 'We think that the jobs that are in particular adopting AI are seeing larger hiring declines,' Simon said. Companies' efforts to 'do more with less' extend beyond using AI in the workplace, with Revelio Labs reporting last week that US companies are increasingly hiring for high-skilled positions abroad, especially those that are suitable for remote work. 'The realization that companies no longer need to hire consultants or software engineers in the most expensive location has made offshoring an attractive, cost-saving option in workforce planning,' the report states. The tech industry experienced rapid growth during the pandemic, as in-person businesses transitioned to online goods and services. But consumer behavior and economic activity have returned to pre-pandemic patterns, Bureau of Labor Statistics data shows. Jobs in the software publishing sector grew 30% from March 2020 to September 2022 — but shrank 1% between September 2022 and December 2024, according to Bureau of Labor Statistics data. Nationally, post-pandemic growth has been steadier, with a 2% increase in jobs between March 2020 and September 2022 and a 4% increase since then. As for fears that AI will lead to mass unemployment, Gupta offered a more optimistic view, saying he believes the corporate world will instead adapt to the efficiency enabled by the technology. 'There was a time when a six-day work week was the norm, and now (we have a) five-day work week,' Gupta said. 'Could it be that in 10-20 years, it's a four-day work week? I think the prospects of that are very, very high.'
CNN
27-02-2025
- Business
- CNN
It's America's fastest-growing job – thanks to ChatGPT
On the hunt for a new job? Building artificial intelligence tech could be a safe option. The market for jobs in the AI sector has surged in the last two years, according to a recent analysis from the University of Maryland and job-tracking firm LinkUp — the latest in a slew of studies indicating AI skills are in high demand. Anil Gupta, a professor of strategy, globalization and entrepreneurship at the University of Maryland's Smith School of Business who co-led the research, said the analysis showed a clear 'ChatGPT effect,' referring to how the OpenAI-developed chatbot's launch led to the job posting spike – replacing many IT-related job listings. The analysis comes from AIMaps, a collaboration between the University of Maryland's Smith School of Business and LinkUp. The program tracks the growth of AI jobs across different sectors in the United States, such as manufacturing and retail. Job postings in AI fields have spiked 68% in the United States since the end of 2022, while overall job postings have declined 17% in the same period, according to the AIMaps data. According to ZipRecruiter data provided to CNN, AI job postings on the site grew 124% from 2023 to the end of 2024. In January, LinkedIn listed AI engineer and AI consultant as the fastest-growing jobs in the US, and PwC found last year that jobs requiring AI skills were growing more than three times as fast as all jobs. On the other hand, IT job postings (including those that write programs not related to AI) have also declined 27% since the end of 2022, according to Gupta. While AI has resulted in some new types of jobs, tech giants have also slashed their workforces after announcing major investments in AI technology — though not all the layoffs were because AI replaced human workers. Last year, Google laid off workers across its Google Assistant and hardware divisions a few months after announcing a multibillion dollar investment in the AI startup Anthropic. And a World Economic Forum survey last month found that 41% of employers intend to downsize their workforce in favor of AI by 2030. 'We already know GitHub Copilot and other AI tools are able to do 60-70% of the coding,' Gupta said. 'Four people can do the job of 10.' The global AI race is only getting started, as evidenced by the recent release of DeepSeek, a Chinese startup that shook the market with an AI model reportedly developed at a fraction of the cost of American competitors like ChatGPT. Gupta said DeepSeek's open-source approach — meaning its architecture is publicly available for other companies to use and adapt — could accelerate the AI industry's growth. 'This will lead to an even faster deployment of AI technology in every industry, be it software development, technical services, banking, insurance, manufacturing, or agriculture,' his team wrote in their analysis. Over two years since ChatGPT helped spark an AI boom, American tech giants are still making hefty investments in their AI programs. In January, Microsoft announced plans to invest about $80 billion in fiscal 2025 on AI data centers, and President Donald Trump announced the creation of Stargate, a collaboration between OpenAI, SoftBank and Oracle that plans to invest up to $500 billion in AI infrastructure in the coming years. Artificial intelligence jobs are in especially high demand in the consulting sector, Gupta said, since non-AI firms typically hire consulting firms like Accenture and Bain to help develop AI tools — for example, a machine learning engineer or a product manager for a generative AI tool. Accounting firm Ernst & Young reported in December that 97% of business leaders whose organizations invested in AI saw positive returns on investment. But many companies may still be slow to adopt the technology amid potential privacy and security risks, said Julia Pollak, chief economist at ZipRecruiter. AI job growth is occurring alongside a broarder slowdown in hiring across the job market. Companies are increasingly looking to 'do more with less,' said Lisa Simon, chief economist at Revelio Labs, which tracks publicly available workforce data. 'They've been centralizing functions, eradicating unnecessary roles, reviewing every function and reducing layers of management, focusing very closely on cost control,' ZipRecruiter's Pollak said. 'That's been a direct result of high interest rates and reduced access to credit.' Despite the higher demand for AI jobs, it is too soon to tell how the AI boom is impacting specific jobs, Pollak added. She speculates hiring plans may be 'leaner' now because AI tools have made some fields, such as content writing, more efficient. 'We think that the jobs that are in particular adopting AI are seeing larger hiring declines,' Simon said. Companies' efforts to 'do more with less' extend beyond using AI in the workplace, with Revelio Labs reporting last week that US companies are increasingly hiring for high-skilled positions abroad, especially those that are suitable for remote work. 'The realization that companies no longer need to hire consultants or software engineers in the most expensive location has made offshoring an attractive, cost-saving option in workforce planning,' the report states. The tech industry experienced rapid growth during the pandemic, as in-person businesses transitioned to online goods and services. But consumer behavior and economic activity have returned to pre-pandemic patterns, Bureau of Labor Statistics data shows. Jobs in the software publishing sector grew 30% from March 2020 to September 2022 — but shrank 1% between September 2022 and December 2024, according to Bureau of Labor Statistics data. Nationally, post-pandemic growth has been steadier, with a 2% increase in jobs between March 2020 and September 2022 and a 4% increase since then. As for fears that AI will lead to mass unemployment, Gupta offered a more optimistic view, saying he believes the corporate world will instead adapt to the efficiency enabled by the technology. 'There was a time when a six-day work week was the norm, and now (we have a) five-day work week,' Gupta said. 'Could it be that in 10-20 years, it's a four-day work week? I think the prospects of that are very, very high.'
CNN
27-02-2025
- Business
- CNN
It's America's fastest-growing job – thanks to ChatGPT
On the hunt for a new job? Building artificial intelligence tech could be a safe option. The market for jobs in the AI sector has surged in the last two years, according to a recent analysis from the University of Maryland and job-tracking firm LinkUp — the latest in a slew of studies indicating AI skills are in high demand. Anil Gupta, a professor of strategy, globalization and entrepreneurship at the University of Maryland's Smith School of Business who co-led the research, said the analysis showed a clear 'ChatGPT effect,' referring to how the OpenAI-developed chatbot's launch led to the job posting spike – replacing many IT-related job listings. The analysis comes from AIMaps, a collaboration between the University of Maryland's Smith School of Business and LinkUp. The program tracks the growth of AI jobs across different sectors in the United States, such as manufacturing and retail. Job postings in AI fields have spiked 68% in the United States since the end of 2022, while overall job postings have declined 17% in the same period, according to the AIMaps data. According to ZipRecruiter data provided to CNN, AI job postings on the site grew 124% from 2023 to the end of 2024. In January, LinkedIn listed AI engineer and AI consultant as the fastest-growing jobs in the US, and PwC found last year that jobs requiring AI skills were growing more than three times as fast as all jobs. On the other hand, IT job postings (including those that write programs not related to AI) have also declined 27% since the end of 2022, according to Gupta. While AI has resulted in some new types of jobs, tech giants have also slashed their workforces after announcing major investments in AI technology — though not all the layoffs were because AI replaced human workers. Last year, Google laid off workers across its Google Assistant and hardware divisions a few months after announcing a multibillion dollar investment in the AI startup Anthropic. And a World Economic Forum survey last month found that 41% of employers intend to downsize their workforce in favor of AI by 2030. 'We already know GitHub Copilot and other AI tools are able to do 60-70% of the coding,' Gupta said. 'Four people can do the job of 10.' The global AI race is only getting started, as evidenced by the recent release of DeepSeek, a Chinese startup that shook the market with an AI model reportedly developed at a fraction of the cost of American competitors like ChatGPT. Gupta said DeepSeek's open-source approach — meaning its architecture is publicly available for other companies to use and adapt — could accelerate the AI industry's growth. 'This will lead to an even faster deployment of AI technology in every industry, be it software development, technical services, banking, insurance, manufacturing, or agriculture,' his team wrote in their analysis. Over two years since ChatGPT helped spark an AI boom, American tech giants are still making hefty investments in their AI programs. In January, Microsoft announced plans to invest about $80 billion in fiscal 2025 on AI data centers, and President Donald Trump announced the creation of Stargate, a collaboration between OpenAI, SoftBank and Oracle that plans to invest up to $500 billion in AI infrastructure in the coming years. Artificial intelligence jobs are in especially high demand in the consulting sector, Gupta said, since non-AI firms typically hire consulting firms like Accenture and Bain to help develop AI tools — for example, a machine learning engineer or a product manager for a generative AI tool. Accounting firm Ernst & Young reported in December that 97% of business leaders whose organizations invested in AI saw positive returns on investment. But many companies may still be slow to adopt the technology amid potential privacy and security risks, said Julia Pollak, chief economist at ZipRecruiter. AI job growth is occurring alongside a broarder slowdown in hiring across the job market. Companies are increasingly looking to 'do more with less,' said Lisa Simon, chief economist at Revelio Labs, which tracks publicly available workforce data. 'They've been centralizing functions, eradicating unnecessary roles, reviewing every function and reducing layers of management, focusing very closely on cost control,' ZipRecruiter's Pollak said. 'That's been a direct result of high interest rates and reduced access to credit.' Despite the higher demand for AI jobs, it is too soon to tell how the AI boom is impacting specific jobs, Pollak added. She speculates hiring plans may be 'leaner' now because AI tools have made some fields, such as content writing, more efficient. 'We think that the jobs that are in particular adopting AI are seeing larger hiring declines,' Simon said. Companies' efforts to 'do more with less' extend beyond using AI in the workplace, with Revelio Labs reporting last week that US companies are increasingly hiring for high-skilled positions abroad, especially those that are suitable for remote work. 'The realization that companies no longer need to hire consultants or software engineers in the most expensive location has made offshoring an attractive, cost-saving option in workforce planning,' the report states. The tech industry experienced rapid growth during the pandemic, as in-person businesses transitioned to online goods and services. But consumer behavior and economic activity have returned to pre-pandemic patterns, Bureau of Labor Statistics data shows. Jobs in the software publishing sector grew 30% from March 2020 to September 2022 — but shrank 1% between September 2022 and December 2024, according to Bureau of Labor Statistics data. Nationally, post-pandemic growth has been steadier, with a 2% increase in jobs between March 2020 and September 2022 and a 4% increase since then. As for fears that AI will lead to mass unemployment, Gupta offered a more optimistic view, saying he believes the corporate world will instead adapt to the efficiency enabled by the technology. 'There was a time when a six-day work week was the norm, and now (we have a) five-day work week,' Gupta said. 'Could it be that in 10-20 years, it's a four-day work week? I think the prospects of that are very, very high.'
Yahoo
30-01-2025
- Business
- Yahoo
‘Time to fix this': Could the tariff threat bring down Canada's interprovincial trade barriers, once and for all?
Canada's interprovincial trade barriers have been a topic of debate in political and economic circles for years, with little actual progress toward resolving them. But tariff threats from U.S. President Donald Trump have brought new urgency to the issue, raising hopes from economists that the impediments will soon be resolved. Meetings between the prime minister and the premiers over the last few weeks have contained urgent discussions about removing internal trade barriers in Canada. But what exactly are the barriers, why have they persisted and how much do they cost us? The Financial Post's Jordan Gowling explains. Canadians might be surprised to hear that a series of provincial regulations limit the services, labour and goods that cross provincial borders everyday. In some cases these are hard restrictions, such as rules limiting alcohol sales from one province to the other. In others they involve paperwork and industry regulations, such as the need to register with multiple workers' compensation boards or comply with different occupational health and safety standards, and also the cost and time associated with applying for different provincial licences. The most notable drag on internal trade affects the trucking industry, where regulations differ around driver qualifications and weight load allowances. 'When Atlantic Canada truckers have to reduce their load when travelling through Nova Scotia to meet the province's lower weight rules, you know something is not right,' wrote Daniel Teeter, PhD candidate at Queen's University's Smith School of Business and author of a working paper studying the matter. Regulations around certifications also impact the ability of professionals to be licensed in different jurisdictions, which slows down labour mobility among different provinces. 'Domestically, when a professional wants to move jurisdictions and they want to work at a certain place, they can't do that until they're recertified,' said SeoRhin Yoo, interprovincial affairs senior policy analyst at the Canadian Federation of Independent Business (CFIB). 'For instance, nursing is one and I think financial planner is also another one, where they have to be individually licensed in each province in order to provide insurance as well as well as investment advice.' The alcohol industry is also significantly impacted by provincial barriers, with provinces having monopolies on alcohol wholesaling. 'Manitoba, for instance, is the only province that allows direct consumer shipping of craft beer as well as spirits,' said Yoo. 'Other jurisdictions, they just simply do not allow it, and obviously that's really difficult for a lot of consumers who want competitiveness in the alcohol market, who want to buy something from a local brewery that they tried out while they were travelling, but they can't get their hands on it.' There are a number of studies over the years, that have attempted to quantify the cost these barriers pose to the Canadian economy. In 2019, the International Monetary Fund did a study that estimated that non-geographic internal trade barriers within Canada add up to a tariff equivalent of 21 per cent. In July, the CFIB released a report that said removing interprovincial barriers could boost the economy by up to $200 billion annually. In total, internal trade represents 18 per cent of Canada's gross domestic product (GDP). A 2022 study by the Macdonald-Laurier Institute, based on research done by University of Calgary professor and economist Trevor Tombe, found that the country's GDP is between 3.2 per cent and 7.3 per cent smaller because of internal trade costs. Matthew Holmes, executive vice president and chief of public policy at the Canadian Chamber of Commerce, noted these costs are the result of inefficiencies and loss of trade, for which businesses bear the burden. 'It keeps us small,' he said. 'It keeps us from being competitive, and as for those businesses that are willing to operate in multiple provinces, it just makes it expensive.' There have been attempts to update Canada's trade internal system in recent years, starting with the Agreement on Internal Trade signed in 1995. Its purpose was to decrease the number of internal trade barriers between provinces, although experts argue it fell short of its objectives. In 2017, it was followed up with the Canadian Free Trade Agreement (CFTA). There are also additional agreements between western provinces called the New West Partnership Trade Agreement (NWPTA) and the Trade and Cooperation Agreement (TCA) between Ontario and Quebec. Holmes says the CFTA remains ineffective at fostering free internal trade. 'They meet once a year to talk about their lists,' he said. 'They have something like 400 carve outs, so they've got a list of things that they don't have free trade with, it's actually more a Canada not-free-trade agreement than it is a free-trade agreement.' Not all of these agreements are equal, with the NWPTA showing more improvements in productive capacity and a boost in the amount of goods sold to other provinces, according to Teeter's study. When it comes to the CFTA, the CFIB noted in July that only 18 of the 30 recommendations in the agreement have been implemented. 'Obviously, for years there's been talks and recognition of the importance of internal trade,' said Yoo. 'However, we heard a lot, but saw very little action.' Holmes says there is politics at play for premiers, who have to show a willingness to protect their provinces' industries, especially if they want to be re-elected. 'I think in certain cases, there's a natural kind of protectionist impulse, particularly around elections, where premiers and politicians in general can be susceptible to that,' said Holmes. 'But the other part of this problem is that it's just systemic, it's invisible.' There has been progress this year, with the federal government announcing a pilot project in September, which seeks the mutual recognition of regulatory requirements in the trucking sector. This week, while Prime Minister Justin Trudeau and the premiers were meeting to discuss their response to Trump's threat to impose a 25-per-cent tariff on all Canadian goods on Feb. 1, internal trade once again became a topic of discussion. 'As a follow-up to last week's call, the prime minister reiterated the importance of lifting barriers to trade between provinces and territories and looked forward to the outcomes of the urgent meeting of the Committee on Internal Trade in Toronto, Ont., this Friday,' said the readout from a meeting that took place on Wednesday. Transport and internal trade minister Anita Anand has been talking about the issue since the summer, when she was tasked with finding ways for Canada to address its productivity crisis. The business sector has also been calling on governments to present solutions, to make Canada's economy more resilient and competitive, in the face of our newfound trade position with the U.S. 'We have to use this time as a rally call, to strengthen Canada,' said Nova Scotia Premier Tim Houston, during a press conference last week. 'That means looking at our own internal trade policies across the country and just asking ourselves simple questions like why is it so hard to send a bottled wine from one province to the other?' Tariffs would have huge impact on housing market There are better ways to fight back than a full-on trade war However, business groups remain cautiously optimistic. 'I think there's a moral argument that this is the time to fix this,' said Holmes. 'If we can't trade well within our own country, then we're always going to be on our heels with the U.S. or some other trading relationship.' • Email: jgowling@
