New Report Shows Where in the U.S. Workers Are Deserting
San Francisco is known as one of the greatest tech hubs in the world, but its proximity to Silicon Valley and global tech giants was not enough to stem the tide of worker flight.
Since February, the net number of workers has decreased 17%, dropping the Bay Area out of the top 10 cities that draw outside talent, according to a LinkedIn Workforce Report for June.
San Francisco has long been a prized destination for techies, but has seen its stock fall recently as extremely high costs of living, as well as bigger draws from cities like Seattle, Portland, Denver, Austin, and Charlotte, have begun to eat away at the city’s workforce.
But San Francisco is hardly in the most peril. While the talent-draw cooling is not ideal, the city is still far and away one of the most attractive places to work in the country, as well as being one of the most concentrated areas of investment wealth in the world.
Other cities, like Hartford, CT., are not as lucky.
Hartford is one of the latest American municipalities to edge towards bankruptcy, as the city has been unable to balance its budget for some years now. Politicians are discussing the possibility of taking the city into bankruptcy in order to restructure its debt.
And that serves to explain why it topped the list of cities with a depleted workforce. About 55.1 workers per 10,000 people left the ailing city. Hartford was not alone, as several other cities also found themselves in dire circumstances in terms of workforce flight.
Norfolk, VA was another community hit hard by employee departures, alongside Providence, RI and bigger cities like Chicago, Baltimore, and Pittsburgh.
Many of the larger cities in the Northeast and Midwest of the U.S. were hit harder compared to the West Coast of the country, revealing the disparity between industries out West, which typically profit off tech companies and tourism, and communities in the East, which are known for manufacturing jobs and other similar industries that have been disappearing due to automation and globalization over the past decades.
While the data in June painted a positive picture for jobs overall, this report highlights the difference between states that are more well-to-do and those that are relying on aging industries.
“LinkedIn Workforce Report | United States | June 2017,” LinkedIn Corp, June 1, 2017