Thriving Silicon Valley’s unemployment rate has reached an all-time low since the dot com bubble.
According to the California Employment Development Department (EDD), “The number of employed Californians increased by 11,000 persons to 17,910,000 in November 2015. This was California’s 61st consecutive civilian employment increase.”
Each quarter, West Valley Staffing Group (WVSG) surveys a wide range of Silicon Valley hiring managers about their upcoming hiring needs. The hiring managers come from different industries, including high tech, manufacturing, electronics, finance, semiconductor, medical, aerospace, and alternative energy. Each participant is asked, “Do you expect your hiring needs to increase, remain steady, or decrease in the future?” This survey is unique and exclusive to Silicon Valley!
Hundreds of hiring managers were surveyed this quarter, with 86% predicting a hiring increase or expecting to remain steady during the first quarter of 2016. Only 13% of hiring managers expect their hiring needs to decrease.
“The expansion in Silicon Valley has created a positive domino effect,” said Charlie Allport, Executive Vice President of WVSG. “As companies expand and more jobs are filled, Silicon Valley’s economy strengthens, attracting more people into the area to be a part of the flourishing economy.”
The lost jobs during the Great Recession have almost been fully recovered in certain regions of the Bay Area. According to the US Bureau of Labor Statistics; professional and business services, construction, health care, and information technology have seen exponential growth. The technology boom continues to help the employment growth in Silicon Valley which is expected to hit full capacity by mid-2016.
For additional information about the economic data above, or to participate in future Silicon Valley Economic Surveys, visit us online at www.westvalley.com.
West Valley Staffing Group (WVSG), an independent and privately owned staffing agency, brings over 48 years of experience providing comprehensive staffing services and solutions – through four specialty companies. Established in 1968 as West Valley Engineering, the company was one of the first in the valley to offer temporary technical services to Silicon Valley companies. In 1984, Prostar Staffing was founded to provide clerical and administrative personnel to the growing number of companies in the area. In 1995, West Valley Technology and Accountants Now! were founded to satisfy the demand for specialized information technology and accounting professionals, respectively. Today, all four companies fall under the umbrella organization, WVSG, which has offices in Sunnyvale, Pleasanton, and beyond.