California’s Tech Jobs

California’s share of technology jobs has plummeted since the COVID pandemic and continues to fall. The decline is driven by the software and web search subsectors. Only the computer infrastructure subsector continues to grow share.

The underlying reality is that the number of technology jobs in California has stagnated and the growth in technology work has moved elsewhere. It is important to remember that Detroit makes many more cars than it did in 1980, but it has consistently lost share-of-growth over the past 50 years. Share-of-growth is what drives standards of living and equity valuations.