24,700 New Jobs Added; Nearly One-Third New Jobs From Tech Sector
According to the latest California Employment Development Department monthly data, in July the Bay Area saw the addition of 24,700 new jobs, nearly one-third of which were in the high-paying tech sector. According to the San Jose (CA) Mercury News, the East Bay set a record for the total number of jobs, with the addition of 6,900 jobs, and Santa Clara County hit its highest job total in 14 years, also by adding 6,900 jobs. Meanwhile, growth in the San Francisco-San Mateo area continued to be slightly higher, with the addition of 7,300 jobs. Unemployment rates remained stable, with the East Bay reporting a 4.7% unemployment rate, Santa Clara County seeing a 4.1% unemployment rate, and the San Francisco-San Mateo area reporting 3.4% unemployment. These totals continued the trend of being far below the US national average for the month, which in July was 5.3%. Bank of the West chief economist Scott Anderson said of the numbers, “The Bay Area labor market is definitely fired up. The sizzling monthly gain almost ensures another year of outsize job growth in the Bay Area. China, oil prices, the drought, the stock market, don’t seem to faze the Bay Area economy.” Commenting on tech job growth, Beacon Economics founding partner Christopher Thornberg said, “I just can’t believe what is happening with the tech industry in the Bay Area. It’s so strong, you get tempted to call it a tech bubble. But what’s happening in Santa Clara County and elsewhere with tech is real. Tech is the dominant force in the Bay Area.”
What This Means For Small Businesses
Small businesses across the Bay Area should see the latest job data as another positive indicator that the area is enjoying one of the healthiest economies in the US. This may help reassure business owners who often struggle with the high costs and burdensome regulations that hinder doing business in the Bay Area.
NFIB previously noted Bay Area job growth.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.