Small Business
Growing Economy Spurs Expansion In Manufacturing Industry
According to the California Employment Development Department (EDD), "California's unemployment rate fell to 5.1 percent and the state's employers added 9,700…jobs in January."
Apr. 13, 2017
As the economy improves, manufacturers have expanded in order to meet growing demand, particularly in the field of electronics.
According to the California Employment Development Department (EDD), “California’s unemployment rate fell to 5.1 percent and the state’s employers added 9,700…jobs in January.”
“An uptick in the economy is always encouraging,” said Charlie Allport, Executive Vice President of WVSG, “and the fact that, according to the latest “Manufacturing ISM Report on Business,” the manufacturing industry is growing, especially in electronics, only serves to increase optimism for the future here in Silicon Valley.”
Each quarter, West Valley Staffing Group (WVSG) surveys a wide range of Silicon Valley hiring managers about their upcoming hiring needs. The hiring managers come from many different industries, including high tech, manufacturing, electronics, finance, semiconductor, medical, aerospace, alternative energy, and more. Each participant is asked, “Do you expect your hiring needs to increase, remain steady, or decrease in the future?” This survey is unique and exclusive to Silicon Valley!
Over one thousand hiring managers were surveyed this quarter, with 94% predicting a hiring increase or expecting to remain steady during the second quarter of 2017. Only 6% of hiring managers expect their hiring needs to decrease.
As economic growth continues, California’s various industries thrive. Employment opportunities continue to rise, while unemployment numbers dwindle. All of this equates to continuous and consistent strength in California’s job markets, which in turn indicates prosperity for the state’s various industries. This prosperity is bolstered by an increase in demand for an assortment of consumer products, and also in turn by amplified demand for workers to manufacture those products. Silicon Valley’s famed electronics sector has flourished under these desirable conditions, enjoying an increased labor force and reduced unemployment rates. This positive trend is carried on from the first quarter of the year, setting a positive tone for what is to come.