LinkedIn’s Workforce Report for June found that of the 20 largest U.S. metropolitan areas, Silicon Valley has plunged to 12th place in job attractiveness.
LinkedIn is America’s top job board, with 138 million workers posting profiles that can highlight over 50,000 unique skill sets. With the U.S. Bureau of Labor Statistics announcing on June 6 that its Job Openings And Labor Turnover (JOLTS) reached an all-time record of 6,044,000 million jobs available, over 3 million of those jobs were posted by 20,000 companies on LinkedIn.
Workforce’s monthly report provides detailed data on the 20 most important metropolitan areas of the United States, including: Atlanta, Austin, Boston, Chicago, Cleveland-Akron, Dallas-Ft. Worth Denver, Detroit, Houston, Los Angeles, Miami-Ft. Lauderdale, Minneapolis-St. Paul, Nashville, New York City, Philadelphia, Phoenix, San Francisco Bay Area (Silicon Valley), Seattle, St. Louis, and Washington, DC.
Workforce’s latest analysis of LinkedIn activity reveals that 1.31 percent of its members took a new jobs during the month of May. That was up 2.4 percent over the past twelve months, and the strongest month for hiring since June 2015. The industries generating the largest hiring increases in May included: architecture and engineering, up 21 percent; aerospace, automotive, and transportation, up 19 percent; manufacturing and industrial, up 19 percent; and financial services and insurance, up 16 percent.
Workforce has reported that Silicon Valley has consistently ranked near the top of metropolitan areas in job attractiveness due to a “Skills Gap” for experienced computer programmers, integrated circuit designers, and software developers driving up wages and signing bonuses. But the Workforce May report found that Silicon Valley plunged to #12 in job attractiveness, down another 2 notches since February.
Workforce observed that only 20 percent of applicants for jobs posted on LinkedIn by Silicon Valley employers had the necessary skills to be hired in August. But over the last 9 months that percentage has jumped to 33 percent. That “Skills Gap” plunge explains why the percentage of LinkedIn members taking a new Silicon Valley job, usually for higher wages, dropped from 1.4 percent a year ago to 1.05 percent at the end of May.
Workforce stated: “In comparison, Seattle has seen net migration increase by 2% over the same period. What’s to blame? Cities like Seattle, Portland, Denver, Austin, and Charlotte are booming and they’re cheaper to live in.”
Breitbart News reported in December that the highly-regarded Geopolitical Futures’ Annual Forecast warned that after 50-years of innovation and growth, the now-mature microchip revolution will present huge economic and wage challenges for America’s middle- and lower-class.
Silicon Valley rode the microchip-driven economic booms in personal computing, Internet, social engineering and clean energy. Google, Apple and Facebook stock prices are still hitting record highs, but Workforce reports that migration to the region has decreased by 17 percent since February.