Milpitas, CA – January 2024 Jobs Report: Tech Hub Holds Steady Amidst National Slowdown

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Milpitas, California, a key player in the Silicon Valley ecosystem, defied national trends by exhibiting stable job growth in January 2024. This report delves into the details of the January jobs report, highlighting key trends and offering insights into the future outlook for the city’s dynamic job market.

Overview:

  • Job growth: Milpitas added 150 new jobs in January, representing a 0.3% increase from December 2023. This surpasses the national average of 0.1% growth.
  • Unemployment rate: The unemployment rate remained unchanged at 2.5%, indicating a tight labor market with more open positions than available workers.
  • Wage growth: Average weekly wages increased by 2.0% compared to December 2023, reaching $1,347. This translates to an annual wage growth of 6.8%.

Highlights:

  • Strongest growth: The Information sector, encompassing technology and telecommunications, led the way with 80 new jobs, followed by Professional and Business Services with 40 new positions.
  • Other notable gains: The Education and Health Services industry added 20 jobs, while Trade, Transportation, and Utilities saw an increase of 10 jobs.
  • Declining sectors: The Construction industry experienced a slight decline of 5 jobs, while Manufacturing remained stagnant.

Industries and Occupations:

  • Growing occupations: The top 10 fastest-growing occupations in Milpitas included computer systems analysts, registered nurses, marketing specialists, and sales representatives.
  • Shrinking occupations: Cashiers and food preparation workers saw the largest job losses in January.

Comparison to Last Year:

  • Job growth: Milpitas’s job market grew by 2.9% year-over-year in January, significantly exceeding the national average of 1.7%.
  • Unemployment rate: The unemployment rate decreased from 2.9% in January 2023, reflecting a tighter labor market.
  • Wage growth: Average weekly wages increased by 7.5% compared to January 2023, outpacing the national average of 5.7%.

Comparison to Previous Month:

  • Job growth: January’s job growth was slightly higher than December 2023‘s increase of 120 jobs.
  • Unemployment rate: The unemployment rate remained unchanged from December 2023.
  • Wage growth: Wage growth accelerated from December’s 1.8% increase.

Future Outlook:

The Milpitas job market is expected to continue its growth trajectory in the coming months, driven by factors such as:

  • Continued strength in the tech sector, with established companies expanding and attracting new ones.
  • Growth in healthcare and education, fueled by the city’s growing population.
  • Investment in infrastructure and renewable energy projects.

10 Growing Occupations:

  1. Software Developers
  2. Registered Nurses
  3. Marketing Specialists
  4. Sales Representatives
  5. Physician Assistants
  6. Wind Turbine Service Technicians
  7. Solar Photovoltaic Installers
  8. Home Health Aides
  9. Special Education Teachers
  10. Middle School Teachers

10 Companies Hiring Now:

  1. Western Digital
  2. Cisco Systems
  3. KLA Corporation
  4. NetApp
  5. Broadcom Inc.
  6. SanDisk
  7. Applied Materials
  8. Samsung Electronics
  9. eBay Inc.
  10. Amazon.com Services

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