San Jose Market Report
Big Tech Cemented in Silicon Valley; Industry Will Lead a Comeback After the Health Crisis
San Jose well-positioned to recover. Office-using employment has weathered the health crisis much better than other sectors due to the ability to work remotely, which has helped San Jose’s core industries persevere during lockdowns. Prior to the shutdowns, 34 percent of the employment base in San Jose was in traditional office-using sectors, much higher than 22 percent nationally. As a result, a large share of the big-tech employment base has been spared, leaving approximately 44 percent of remaining job losses concentrated in the leisure and hospitality sector. High-paying tech jobs will generate demand for these restaurant and entertainment workers when conditions permit, though it may take some time for many of these positions to return.