The H-1B visa numbers available for "regular" H-1B petitions are nearly exhausted. As of May 25, 2006, the USCIS has received or approved approximately 49,034 H-1B visa petitions. The annual limit on H-1B visa numbers is 58,200.
The USCIS has also received or approved approximately 5,830 H-1B visa petitions eligible for the H-1B Advance Degree Exemption. Under this exemption, an additional 20,000 annual H-1B visa numbers are available for foreign workers with a master’s or higher level degree from a U.S. academic institution.
The USCIS tracks the H-1B cap’s progress on its website, available here.