Bay Area’s Job Market Showing Signs of Life,
According to Bay Area Council Survey
First Positive Job Market Reading Since Financial Crisis of 2008
Business Confidence Stays in Positive Territory for Second Consecutive Quarter
March 04, 2010 08:03 AM Eastern Time
SAN FRANCISCO--(EON: Enhanced Online News)--The Bay Area Council today announced that for the first
time in 20 months, more Bay Area companies are planning to increase the size of their workforce than are planning
layoffs, signaling a potential job market rebound, according to results of its quarterly Business Confidence Survey.
The responses of the 498 CEO’s and top executives in the nine Bay Area counties surveyed between January 27
and February 18, 2010, show that overall, 20 percent plan to increase their workforce within the next six months
while 17 percent expect layoffs, and 59 percent predict no change. These results are in stark contrast to a year ago,
when the Survey revealed that only 10 percent of companies were planning to hire, while 42 percent expected
layoffs. The last time the Survey recorded a positive job market trend was in June, 2008.
“It looks like the Bay Area’s job market is showing signs of life and may be on the rebound,” said Jim Wunderman,
President & CEO of the Bay Area Council. “This is a reassuring sign, but unfortunately these positive results are not
across the board. The job market is very different depending on where you are standing.”
While the majority of companies in the Bay Area are planning more hires than layoffs, results varied widely among
industry, company size and county. The industry with the most pessimistic outlook on jobs was retail. Indeed, 34
percent of retail executives surveyed expect to decrease the size of their workforce in the next six months, while five
percent expect to hire and 56 percent plan to hold steady. Also hard hit is the educational and health services
industry where 32 percent of respondents expect to see layoffs, 17 percent hires and 48 percent no change.