San Francisco technology sector layoffs highly concentrated in transportation sector
Roughly 37,000 tech employees have been laid off since the beginning of shut downs
June 08, 2020
- The overwhelming majority of COVID-19 related layoffs within the tech industry are concentrated in transportation, almost five times more than the next largest in consumer goods.
- Most of the transportation layoffs can be attributed to Uber and Lyft, who have laid off at least 7,500 full time staffers since the start of the crisis. Uber has reportedly laid off close to 25 percent of it’s full time workforce since the beginning of shelter-in-place.
- In San Francisco alone, Uber and Lyft reported usership dropped close to 90 percent within the first week of the city’s shelter-in-place orders.
- Uber also announced they’ll be closing 45 offices in the coming months, roughly half of their offices nationally, equating to roughly 2.1 million square feet of potential future office vacancies. The company currently occupies 1.8 million square feet around the Bay Area, roughly 40 percent of their portfolio.
- California Employment Development Department estimates that California had 16 percent unemployment in April, while the Bay Area counties averaged around 12.5 percent indicating increased resiliency compared to the state overall.