Technology executives signal spending in 2023 even as the sector goes through massive layoffs

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Technology executives signal spending in 2023 even as the sector goes through massive layoffs
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About 85% of our tech executive council say that cloud computing is 'critically important' over the next year.

Almost three-quarters of tech executives say their companies will spend more on new technology in the next 12 months, according to a new survey of the CNBC Technology Executive Council.

More than a third of respondents said they expect their company's tech headcount to increase as they look to take advantage of competitors' talent cutbacks.As the potential for a recession and a decline in consumer spending grows, companies across sectors are signaling that they are cutting costs and either slowing hiring or laying off workers heading into 2023.

While both figures are slightly down since the last TEC survey in June when they were 75% and 25%, respectively, it also comes after the downturn in both stock price and business across the tech sector might suggest there would be a far more negative outlook. Roughly 4% of respondents said they would be spending less, compared to none in the previous survey.

That will likely come by hiring some of those workers who were laid off at other tech companies. Fifty-six percent of respondents said that there isof other companies' hiring freezes and layoffs, while 35% said their company is facing similar talent-related headwinds.

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