Tech Layoffs Eclipse AI Job Growth in San Francisco
-
Layoffs in 2023 mean SF lost 16,700 jobs, with 14,300 in tech; revised data shows job losses worse than initially thought
-
Hopes were high for AI industry growth, but it has created relatively few jobs - only 2,000 AI job listings over 3 months
-
Major tech firms overhired during pandemic and are now shedding more jobs than AI startups can create
-
Though AI leasing is strong, it pales in comparison to demand during 2010s tech boom when companies grew rapidly
-
AI tools allow small teams to produce more output, so founders choose to remain lean rather than hire at scale like last decade's startups