SAN JOSE (KCBS) – A report released Thursday claimed it will take another two to three years for the Bay Area to regain all jobs that were lost in the recession.
However, the report also suggested that the road to recovery runs right through Silicon Valley. The Bay Area Council Economic Institute expects Silicon Valley to recover all of the jobs that have been lost by 2014.
It’s a view shared by Robert Dye, chief economist at Comerica Bank. “Some parts of the country have already recovered their jobs, but in some parts it will take a lot longer,” said Dye. “We do see job growth as a lagging part of the economic recovery so another couple of years to get back to that pre-recession high makes sense to me.”
KCBS’ Mike Colgan Reports:
Dye said that the job recovery will be a little slower in San Francisco and in the East Bay.
“It’s a much broader market than just Silicon Valley, and we haven’t seen the job growth in the north end of the bay nearly as much,” said Dye. “San Francisco is really trailing the national average in terms of job growth, and we’re just starting to really begin to see the overall lift in that economy. It’s a little bit behind Silicon Valley.”
There are still about 40,000 fewer people working in the South Bay compared to 2008.
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