San Jose metro area tops nation in fastest pace for hiring grads: report
SAN JOSE — The San Jose metro area is the nation’s strongest region for the hiring of college graduates, according to a new report that offers a welcome counterpoint to a steady drumbeat of Silicon Valley cutbacks.
Monthly employment for college graduates is up 9.6% in the San Jose metro region, which is defined as Santa Clara County, stated a report from Gusto, a San Francisco-based online platform that provides payroll, health care and human resources services geared primarily towards small businesses.
“Across major metropolitan areas, hiring of new graduates is strongest in San Jose, where monthly employment has grown on average 9.6% over the past year,” the Gusto survey found.
The South Bay’s robust employment picture for new college graduates has emerged at a time when the overall market for students who have completed their education is showing some signs of weakness.
“Hiring in May 2023 is forecast to grow by 5.4%, compared to 7.2% growth in May 2022” for college graduates, the Gusto report predicted. “This slowdown is largely due to the wider macroeconomic cooling we are seeing.”
The economic softness has dampened the prospects for college graduates, according to the new report.
“Businesses are hesitant to expand given economic uncertainty,” Gusto stated in its study.
These are the 10 metro areas with the strongest annual increases for the hiring of college graduates, the study found:
- San Jose metro area(Santa Clara County), up 9.6%
- Houston, up 8.5%
- Dallas, up 8.2%
- Nashville, Tennessee, up 8.1%
- New York City, up 8%
- Philadelphia, Miami and Boston, up 7.9%
- Austin, Texas and Atlanta, up 7.8%
“San Jose is the capital of innovation thanks to the creativity and diversity of the people who live here,” San Jose Mayor Matt Mahan said.
Yet while the tech sector is certainly high profile, several non-tech industries were demonstrating strong increases in hiring levels nationwide.
These industries are predicted to have the highest rate of growth in May 2023:
- Accommodations, up 33.9%
- Food and beverage, up 9.6%
- Retail, up 7.7%
- Education, up 7.2%
- Healthcare and social assistance, up 5.9%
- Accounting, up 2.4%
The study determined that of the 10 metro regions in the nation with the fastest hiring pace for college graduates, the South Bay offered the highest starting salary — and the only region with a starting wage in the range of six figures.
The starting average salary is about $102,800 in the San Jose region, Gusto’s research determined. The best-paying industry in the South Bay for college graduates was listed as software publishing.
However, the sky-high cost of living in Silicon Valley has eroded the starting wages for college graduates. Gusto’s research determined when the cost of living is factored in, the effective starting wage was about $57,600.
“Like any major city, we can do better, but this (report) confirms that San Jose continues to offer opportunities for the next generation of innovators to succeed,” Mayor Mahan said.
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