April 3, 2020 – Joint Venture Silicon Valley’s Institute for Regional Studies today released a comparison of recent month-over-month changes in Bay Area hiring compared to the United States overall. The comparison includes 10 other metro areas. The analysis follows yesterday’s release of national and metro-area hiring data from LinkedIn’s Economic Graph.
The analysis shows that between February and March of 2020, the Bay Area experienced a 4.8% decline in seasonally-adjusted hiring. This compares to a 1.2% decline experienced in the month before the widespread COVID-19 cases in the U.S. and shelter-in-place orders. “The decline in hiring makes a lot of sense given the shelter-in-place since mid-March; regardless, it’s useful to understand the magnitude of hiring declines in the Bay Area, and compared to other regions,” said Rachel Massaro, the Institute’s Director of Research.
Other regions that experienced even larger hiring declines included Washington, D.C. (-6.2%), Phoenix (-8.0%), New York City (-15.0%), and Los Angeles (-15.2%). “March hiring declines were pronounced in places that had early shelter-in-place orders, like the Bay Area and Los Angeles in California, and those that were hit hardest by the virus, like New York City,” said Massaro.
Data Source: LinkedIn Economic Graph Workforce Reports
Note: Data is from the LinkedIn Economic Graph Workforce Reports, and include month-over-month of seasonally-adjusted hiring. Data are based on LinkedIn members and therefore include primarily business professionals.
About the Silicon Valley Institute for Regional Studies
The Silicon Valley Institute for Regional Studies provides research and analysis on a host of issues facing Silicon Valley’s economy and society. The Institute is housed within Joint Venture Silicon Valley. For more information, visit www.SiliconValleyIndicators.org.
About Joint Venture Silicon Valley
Established in 1993, Joint Venture provides analysis and action on issues affecting the Silicon Valley economy and quality of life. The organization brings together established and emerging leaders—from business, government, academia, labor and the broader community—to spotlight issues, launch projects and work toward innovative solutions. For more information, visit www.jointventure.org.