San Francisco Generates More Jobs for California In 2012- GOOG, FB
Northern, WI 1/20/2013 (avauncer) – The increase in the demand of workforce for the technology industry in the San Francisco Bay Area, that is also the home for the booming Silicon Valley, has led to job growth in California in the year 2012.
The famous San Francisco Bay Area, home for world renowned internet giants such as Facebook Inc. (NASDAQ:FB) and Google Inc. (NASDAQ:GOOG), has accounted for 91,400 more jobs in 2012, which is 3% more than the earlier year. It is also almost the double of the nationwide increase of 1.4% as reported by Stephen Levy, director of the Center for Continuing Study of the California Economy in Palo Alto.
San Jose Mayor Chuck Reed said that the Silicon Valley companies are once again leading the nation as it has done to get the country out of the longest recession that reigned from 1930’s to 2009.
Unemployment also hit significantly in San Francisco, as it came down to 6.5% in December from 7.7% last year, whereas Santa Clara County, home to San Jose, came down to 7.5% from 8.6%. These statics were provided by the California Employment Development Department in a report yesterday. Unemployment in the U.S was 7.8% last month which is marginally less than its 8.1% average for 2012.
The unemployment rate for California; the most populated state in the U.S. came down to 9.8% in December as compared to 11.2% just a year ago.
Levy in a statement noted that the Bay Area would lead the state job growth in the current year while California is all set to a great recovery only if the housing constructions are called off soon. The world’s largest Economy, the U.S., generated 225,900 more jobs in the month of December as compared to the previous year.
Google Inc. (NASDAQ:GOOG) plunged by 1% to close with a $7 low at $705. Facebook Inc. (NASDAQ:FB) too lost 2% and closed at $30.