"During the height of the COVID-19 outbreak, a surge in remote work and distance learning spurred demand for technologies and services that could connect employers with workers, teachers with students, and retailers with customers. The tech industry responded with the addition of 97,600 jobs in the Bay Area during the boom years that followed the onset of pandemic-linked shutdowns. In 2020, Bay Area employers added 2,400 tech jobs. A year later, that number jumped to 58,100 followed by a gain of 37,100 in 2022."
"Tech companies are still right-sizing after all the overhiring during the pandemic, said Russell Hancock, president of San Jose-based think tank Joint Venture Silicon Valley. It's been four years already, so it sounds like an excuse, but you have to realize they built new organizations and divisions for demand curves that didn't pan out. They're still refactoring. From 2023 to 2025, the Bay Area lost 137,200 tech jobs."
Beacon Economics' seasonally adjusted estimates from state Employment Development Department reports show volatile hiring and firing in Bay Area tech over five years. COVID-19-era remote work and distance learning spurred demand for connection technologies, prompting a 97,600-job expansion in 2020–2022. Bay Area employers added 2,400 tech jobs in 2020, 58,100 in 2021 and 37,100 in 2022. From 2023 to 2025 the region lost 137,200 tech jobs as companies right-sized after pandemic overhiring and executed multiple global layoffs. Major announced cuts included Intel's 34,000 planned reductions, Amazon's 14,000–30,000 range, Microsoft's 19,000 and Meta's 3,600. Executives characterize the moves as organizational refactoring after demand curves failed to materialize.
Read at www.mercurynews.com
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