In this report, we discuss the impact of the rapid creation and adoption of IT on the U.S. economy, describe the demand and supply trends for the core IT occupations, analyze indicators pointing to a tight IT labor market, provide a regional perspective, discuss the business environment and its impact on the IT labor market, and propose steps key stakeholders could take to help address this challenge. In particular: Chapter II discusses the vital role of information technology in the U.S. economy, providing an overview of the forces driving the extraordinarily high demand for highly-skilled IT workers. Chapter III provides an analytical view of the business environment, how it is affected by information technology, and how it affects the labor market for the core IT occupations. Chapters IV and V of this report present an analysis of national demand and supply in the core IT occupations using government data sources. Chapter VI analyzes indicators pointing to a tight labor market for highly-skilled IT professionals. Chapter VII provides a state and regional perspective on supply, demand, and salaries. Chapter VIII recaps discussions at Office of Technology Policy-led town meetings and other fora focused on issues affecting the supply and demand for IT workers and ways to address the challenge. Chapter IX describes Federal initiatives designed to address the problem. The report concludes with several appendices containing supplemental data.