Coronavirus: The Bay Area is likely headed for a recession. How bad could it get?

[Catabolite]

1 minute ago, Android_Halwa said:

This could be the turning point for Bay Area's growth..

No question that this region would still be at the forefront of futuristic innovations, but this situation might give companies an opportunity to move away from bay area, now that most companies are virtual ready...

If they virtual ready, what is the purpose of visas for tech firms

[afdb002]

20 minutes ago, Paaji said:

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[ring_master]

41 minutes ago, Catabolite said:

The Bay Area, long one of the world’s mightiest growth engines, could be headed for a coronavirus-induced recession, as shelter in place orders shutter stores and bars, construction grinds to a halt, and the tourism and hospitality industry all but disappears.

This week, UCLA Anderson Forecast issued its first revision to its quarterly report in its 68-year history. Despite a strong start to the year, it’s now predicting two quarters of negative economic growth nationally — enough to be considered a recession — and for the economy to take until 2022 to be fully recovered. California, according to the forecast, will be harder hit, with a projected 280,000 jobs lost in the state. And that’s not even accounting for the shelter in place order imposed on Monday throughout the Bay Area.

“We’re in uncharted territory as to the economic effects of the measures being taken to control the spread of this pathogen in the Bay Area,” said Jerry Nickelsburg, director of UCLA Anderson Forecast.

The forecast predicts unemployment in the state will reach 6.2 percent by the end of the year and average 6.6 percent during 2021. The January statewide unemployment rate was 3.9 percent, according to the California Employment Development Department. Personal income, adjusted for inflation, is expected to stay basically flat until 2022.

Don't see how it impacts bay area tech industry . Ride hailing, Door delivery services might be impacted but anni impact avvavu ankunta

[Android_Halwa]

16 minutes ago, Catabolite said:

If they virtual ready, what is the purpose of visas for tech firms

Billing. The purpose of visas for tech firms is the business model itself. Why would anyone want to give on site billing rate to offshore resources ?

[Catabolite]

1 hour ago, Android_Halwa said:

Billing. The purpose of visas for tech firms is the business model itself. Why would anyone want to give on site billing rate to offshore resources ?

Right, but if they are virtual ready, there shouldn't be a difference between on-site and off-site. 

[Scada]

13 minutes ago, Catabolite said:

Right, but if they are virtual ready, there shouldn't be a difference between on-site and off-site. 

Ok