Eve here. The San Francisco and the Silicon Valley area are clearly and heavily dependent on technology. But to some extent, Austin and Portland. Moreover, and perhaps less obvious, businesses of meaningful size, have experts. So, if Uundue’s enthusiasm for AI is diluting the ranks (HAVM 1-2 times its previous job, as if they care about AI, as if they take on the job of cashier co-journals), it is only possible to ease employment prices.
Check for a general poor situation in the land of software jobs:
“Code To Code” is the summer mantra that means going out.
Wolf Richter, editor of Wolf Street. Originally published on Wolf Street
Highly paid jobs in technology and professional and scientific services in northern San Francisco and Silicon Valley, San Mateo Redwood City, California, and the Metropolitan division north, disappeared in late 2022. And this long-term trend, along with other factors, is shrinking the majestic home bubbles.
Information employment fell to 107,700 in April, the lowest level since June 2020, cancelling the almost entire recruitment boom in the industry during the pandemic. That employment boom was also occurring when leisure and hospitality, retail and healthcare were hampered by massive layoffs.
Since its peak in August 2022, the information industry has taken over 25,400 jobs, or 19% of total employment. These jobs are primarily located in facilities using web search portals, data processing, data transmission, information services, publishing software, motion picture and sound recording, broadcasting including the Internet, and telecommunications.
During Dotcom Bust, the information industry began in late 2000 and mid-2006, losing 46% of this metro job and fell for another four years before taking off again. So far, in this tech job disruption, the industry has given up 19% of its jobs as “.
This metro-level data on non-farm salary employment from established surveys was a relay by the Bureau of Labor Statistics. These jobs are tracked at the location of the business where employees are assigned, regardless of where they live. Workers’ communities from East Bay to San Francisco offices are counted as jobs in this metropolitan area. Same as remote employees.
Leaves job destruction, the information industry still occurred over 9.5% of Prinil’s total salary. Across the US, information employment accounts for only about 2% of total total agricultural salaries. That’s the high-tech employment in the region compared to the US as a whole.
The professional, scientific and technical services industry has taken away 21,600 jobs since its peak in June 2022, or 9.4% of all jobs. It had 207,800 jobs in April and returned in June 2020.
This large, broad sector accounted for 18.3% of total employment in the two county regions. Includes engineering and design services. Computer Services; Consulting Services. Research Services; Advertising Services. Many other professional, scientific and technical services.
During the bust of dotcom, the sector lost 28% of its employment in the Metropolitan sector until October 2003. However, given how broad the sector is, it didn’t decrease as much as information and recovered faster.
Since the two counties’ peaked in mid-2022, they have eliminated 47,000 payroll jobs, combining information, professional, scientific and technical services.
However, total non-farm employment, including government employment, has reduced an additional 56,000 jobs since June 2022. The absolute peak of employment in the two counties occurred in November 2019 with over 1.2 million salary jobs. Since then, the two counties have taken over 71,000 jobs.
The overall pay rampage during the pandemic has been driven by leisure and hospitality, retail, healthcare and Som-O-Hah industries, and is now largely reconvened.
During the 2003 dot com bust, the two county areas lost 16% of their total payroll jobs. The current 5.9% decrease from peak is moderate, along with Dotcom bust.
And home prices gave up sub-big profit
Condominiums and Co-ops: In San Francisco, seasonally adjusted mid-tier condominium prices will be framed in April and will be down 14.6% from their May 2022 peak.
Condo prices returned to where they first existed in May 2015. That was 10 years ago!
However, in the decade from 2012 to the peak in May 2022, prices doubled. Since then, Condes has given up almost a third of its 10-year priced spikes.
Condos and cooperatives account for about half of San Francisco’s home sales. Almost all new construction over the past 20 years has been multi-family (condos and rentals).
Single-family homes: In the city of San Francisco, prices for hair-framed, middle-tier detached homes have been adjusted in April, bringing a decline since the May 2022 peak to 15.1%. Prices are back where they first came from in mid-2018.
Single-family homes were spiked 160% for the decade from 2012 to the peak of May 2022. And it turned into an HGE issue for the economy, as seen in employment data.
Slowly restore the damage caused by the “housing crisis.” Soming Years Aphr, these prices have created a “housing crisis” along with a surge in rents at homes and condominiums. This is because it was a local media street where ordinary people with good jobs like teachers could not afford to live in the city. Housing was too expensive for the economy to withstand.
That principle also manifests itself in pay as employers of ultra-rich housing forces provide ultra-high wages and creates high and high costs for doing business. For employers who can move their labor to cheaper areas, exits are the main cost-saving solution. And many well-known employers have done it accurately over the years.
However, a long-term decline in home prices could ultimately cancel the damage that Mindbugling 10 Years price spikes have inflicted on the economy.
In case you miss it: Housing bubbles and busts #1 and #2 as Senate through employment at mortgage lenders: They share jobs again, 38% gone
