Silicon Valley, often called an engine of California’s economy, was able to wield the shield of its vaunted tech sector in April to ward off some of the economic fallout unleashed by coronavirus-linked business shutdowns.
April’s job losses were nothing short of a catastrophe for California: 2.34 million jobs lost statewide, 555,100 positions erased in the Bay Area.
Yet Santa Clara County’s employment losses were far less pronounced than elsewhere in the Golden State, according to this news organization’s analysis of job statistics compiled by Beacon Economics and UC Riverside… During April compared with the month before, job totals plunged 13.7 percent in the Bay Area, 13.5 percent in California, 14.6 percent in the East Bay, and 14.4 percent in the San Francisco-San Mateo metro area. But Santa Clara County, deemed the primary center of Silicon Valley’s tech sector, suffered a significantly smaller decline of 11.2 percent…
The South Bay’s resilient tech businesses helped lessen the blow from the devastation in sectors such as hotels and restaurants, shredded by a loss of 53 percent of the jobs.
MacDailyNews Take: Good thing, as, after the economic devastation of the COVID-19 shutdown, we need as many engines of economic recovery” as possible!