April 6, 2016
To learn more about San Francisco’s economy and investment opportunities, attend Connect San Francisco on May 12th at the Hibernia Bank.
Economists are noting a shift within the Bay Area job market, as the hardware side of tech has faded and software and applications have taken center stage. Multiple factors including outsourced jobs, the high cost of living in the Bay Area, and the Internet are contributing to this shift.
Over the past 15 years, manufacturing companies have shed about 156,000 factory jobs. However, despite the high-tech sector changes since the dot.com era and loss of manufacturing jobs, tech is still the biggest job producer in the Bay Area with more than a 22 percent share.
Beacon Economics’ Christopher Thornberg says, “It used to be a lot about developing new hardware. It’s all about the applications these days.” These changes are largely felt in the San Francisco-San Mateo region, where digital startups are ubiquitous.