Tnexster wrote:Charles Schwab’s move to DFW shakes up leaderboard in region already undergoing changes
One would think, after losing Toyota, McKesson and now Schwab that somebody would start scratching their head and at least wonder why this keeps happening.
Nothing to wonder about or scratch their head about. Reasons are clearly known and as long as California economy is thriving with homegrown companies, why would they change anything. The issues with cost of living and homelessness would be even worse without some of these jobs leaving or growing their employees elsewhere. As it is even with the moving of Schwab headquarters, they are still not reducing their workforce in SF. And there is no appetite for further sprawl, especially in Bay Area, even though it continues to sprawl to the south and east. And even the merger with TD Ameritrade came about as new homegrown companies such as RobinHood app are shaking up the market.
San Francisco’s economy is still booming, despite corporate departures, with unemployment at 2% and near a record low. But the city has lost finance sector jobs as the tech economy has surged. The Bureau of Labor Statistics says the number of finance jobs fell from 45,716 in 2008 to 41,882 last year, as tech jobs more than quadrupled from 22,108 to 97,486 over that time frame.
In late 2016, Schwab renewed its 417,266-square-foot San Francisco headquarters lease at 211 Main St. near the Embarcadero for 10 years. Schwab rented out 315,000 square feet at nearby 215 Fremont St. to fitness wearables company Fitbit as Schwab downsized in the city. Google has since leased more of the building and plans to buy Fitbit.
California’s unemployment rate fell to 3.9% in October, a record low since at least the 1970s, according to state data.