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As the banking industry is concentrated in the region, it has been particularly affected in terms of new job numbers, said the staffing firm.
Jon Butterfield, managing director at ReThink Recruitment, said that during the financial services boom, demand for IT staff in front-office roles had "skyrocketed", but that many firms had now put in place hiring freezes.
The ReThink Recruitment research reveals that the north west has increased its share of the IT jobs market from 6.6% to 9.2%, whilst the West Midlands saw its share grow from 5% to 6.7%, and the south west saw a rise from 5.3% to 7.2%.