SF Tech Jobs Exceed Boom 1.0 Levels

The current tech boom has created 34,000 jobs in San Francisco -- more than the dotcom bubble ever created.

By Chris Roberts
|  Monday, Jun 4, 2012  |  Updated 12:19 PM PDT
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SF Tech Jobs Exceed Boom 1.0 Levels

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Tech means jobs in San Francisco -- more jobs than the first time round, too.

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Those clinging to the good memories of the plentiful jobs, skyrocketing rents, and hip scenes of the original dotcom bubble are living in the past -- the poorer past.

The current economic boom in the technology sector has created 34,000 jobs in San Francisco, more jobs than were created at the height of boom 1.0, according to Reuters.

Then, the Web introduced itself to the world at large with well-funded ideas that failed to catch on. Today, firms like Apple, Facebook, Twitter, Salesforce.com, Zynga, and Yelp anchor neighborhoods and provide products that are central to many citizens' lives, the news service reported. Who would be willing to throw away their iPhone -- when it can hail a cab, find a restaurant, and even land the user a job?

San Francisco is also becoming more of a hub of Silicon Valley money and influence, the news service reported. Companies in the city "captured 20 percent of all venture capital funding in the last quarter of last year, its best showing ever,"  Reuters reported.

Workers whose offices are in San Jose or environs are now more likely to live in San Francisco, Reuters reported. Buses and shuttles ferry 20-somethings from SoMa lofts and Mission flats to their Silicon Valley firms and then back again -- until they grow jealous of their neighbors walking to work.
 
South Bay boosters note that the city lacks open spaces and the room to grow -- as well as the city's 1.5 percent payroll tax, derided as a job-killer. That said, leaders like Mayor Ed Lee are rolling out the red carpet, reducing tax liabilities for firms like Twitter in return for those companies staying in town.
 
And it appears they will, at least for now. Office space favored by tech firms is averaging $43 per square foot for rent -- and are climbing, according to Colliers International, a real estate broker. "The square-foot rate is double that in 2003, though still comfortably below the 2001 peak of $65," Reuters reported.
 

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