San Francisco’s technology companies are experiencing an innovation boom. And non-tech companies are benefiting from it, as well.
Jobs are now available in areas from retail to construction to hospitality, making California one of the states experiencing the fastest growth in jobs and reducing its unemployment rate to 6.5%.
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Technological innovation is creating a boom in other cities, too, including Seattle and Boston, defying the fear that only the highest skilled and highest paid would benefit from the job growth and leave less skilled workers behind.
But technology itself is not offering jobs to the average worker. Instead, software engineers tied to Twitter now have access to many more service job opportunities.
In 2010, computer systems design was the only industry creating jobs in San Francisco’s metropolitan area. Now, only two years later, some of the best-known internet companies have been transformed.
Technology was one of the early drivers of the economic recovery on a nationwide basis.
Although it continues to outpace other sectors, job growth is spreading.
For every new job in technology, two new jobs are created in professional fields such as doctors and lawyers. Three new jobs
are created in non-professional areas like waiters and store clerks.
Comparatively, the manufacturing industry creates only 1.6 external new jobs for each new job in manufacturing.