Bay Area Loses Over 65,000 More Jobs Than Originally Estimated
Annual revisions released today by the California Employment Development Department show that the nine-county Bay Area lost 66,700 more jobs in 2020 than originally estimated, and that California lost a quarter-million more than original estimates. These revisions underscore the severity of the economic crisis facing our region and state. All told, the Bay Area lost 427,500 jobs in 2020 while California shed an astonishing 2,022,500. Job losses slowed in January, with the region losing 4,800 jobs, but the region continues to face compounding economic headwinds and an uncertain future.
With California’s jobs recovery already lagging the nation, declining population and continuing stories of jobs and investment leaving the state, the new data highlights the urgency of addressing the many issues, from exorbitant housing costs and rampant homelessness to high taxes and heavy regulation, threatening long-term damage to the state’s economic competitiveness. To engage in the Council’s work to address California’s economic challenges, please contact Chief Operating Officer John Grubb.