Yes, he is still your dependent. If he lived in your household and you provided more than half of his support for the entire year, then he can earn a million dollars and still qualify as your dependent.
Now because of his earnings, your son is "required by law" to file a tax return. When he starts his return he *MUST* select the option for "I can be claimed on someone else's return".
Also, since you are claiming him, you should e-file your return first. Then let him e-file after you.