Overview:
San Francisco’s job market in January 2024 continued to reflect ongoing adjustments within the tech sector. While overall job growth remained positive, the pace slowed compared to previous months. Specific industries, particularly those heavily reliant on venture capital funding, showed signs of contraction.
Highlights:
- The professional and business services sector remained the largest source of new jobs.
- Healthcare and social assistance continued to see steady growth.
- Leisure and hospitality, boosted by the holiday season, showed a temporary uptick.
- The tech sector, however, experienced a slowdown in hiring compared to the previous year.
What Industries and Occupations Grew:
- Professional and business services: Management analysts, accountants, and marketing specialists.
- Healthcare and social assistance: Registered nurses, physician assistants, and home health aides.
- Leisure and hospitality: Wait staff, cooks, and hotel clerks (January increase likely seasonal).
What Industries and Occupations Shrank:
- Information technology: Software developers, computer programmers, and data scientists (contraction primarily within specific tech sub-sectors).
- Finance: Investment bankers, financial analysts, and loan officers.
Compare to Same Month Last Year:
Job growth in January 2024 was slightly lower compared to January 2023, particularly within the tech sector. This reflects a national trend of cautious hiring within the industry.
Compare to Previous Month:
Job growth remained relatively flat compared to December 2023, with some seasonal fluctuations across industries like leisure and hospitality.
Future Outlook:
The future outlook for San Francisco’s job market is cautiously optimistic. While the tech sector is undergoing a period of adjustment, the city’s diverse economy offers opportunities in other growing fields like healthcare and professional services. Continued investment in infrastructure and green technology initiatives hold promise for future job creation.
10 Growing Occupations (Source: Bureau of Labor Statistics [bls.gov])
- Registered Nurses
- Wind Turbine Service Technicians
- Solar Photovoltaic Installers
- Home Health Aides
- Personal Care Aides
- Software Developers, Applications
- Cybersecurity Analysts
- Physician Assistants
- Medical Assistants
- Marketing Specialists
10 Companies Hiring Now
This list is subject to change and may not reflect the most up-to-date information. It is recommended to search Indeed for current job openings in San Francisco.