Fewer workers are moving to Silicon Valley
The Bay Area gains more workers than it loses, but the net number of workers moving to the region decreased 17% since February, according to the latest LinkedIn Workforce Report.
Over the same period, people are flocking to cities like Seattle, Portland, Denver, Austin and Charlotte, the report found. These cities have a lot of high-paying jobs and a more reasonable cost of living.
What it means: The Bay Area continues to attract skilled workers thanks to the concentration of high-tech companies based there, and it still has the highest skills gap in the country — meaning demand for certain skills exceeds the supply of workers. But high housing prices and increasing traffic congestion have discouraged some workers from relocating there. Other emerging innovation hubs are gaining ground not only in the form of interest from investors, but also from workers interested in the affordable lifestyles they offer.