I'm surprised it started growing even that early. When I attended school (2007-11), we thought CS jobs would be outsourced to India/China/etc. (we were wrong).
I started a few years before you and remember people saying I was crazy to go into development since the jobs were all being outsourced. They might have been wrong in the long run, but I did spend the first few years of my career managing offshore development more than doing actual development.