Troubling New Data Highlights Urgency of Addressing Bay Area Jobs Exodus
Newly released data from the U.S. Bureau of Labor Statistics shows the first glimpse of the pace of recovery in regional economies across the nation. The numbers also back the anecdotal evidence that people and jobs are leaving the Bay Area for other growing hubs across the country. And they highlight the growing urgency behind the Bay Area Council’s campaign to address California’s serious business climate issues, stanch the flight of jobs and investment and promote the incredible competitive advantages that will continue to make the state’s innovation economy the envy of the world.
The Bay Area Council Economic Institute analyzed employment trends from December 2019 to December 2020 in the information, financial activities, and professional services sectors and found that office jobs—many of which are being done remotely—have fully recovered and are now growing in places like Austin, Dallas, Seattle, and Denver. The story is far less sanguine in the Bay Area, where both the San Francisco and San Jose metro areas have witnessed job losses in these categories.
While the data does not reveal insight into corporate relocations, it does provide the first concrete evidence that other metro areas have become more attractive for employment growth in high-wage sectors. To learn more about the Council’s Business Climate initiative, please contact Chief Operating Officer John Grubb.