(WBAP/KLIF) — A drove of upcoming layoffs has Texans unsure about the future, as the Lone Star State braces for a barrage of layoffs coming in 2023 due to inflation and interest rates.
After a surge in IT jobs during the pandemic when big-tech was hiring droves of employees, current economic conditions have slowed that growth. Expert economist Bud Weinstein says states like California and Massachusetts will suffer a worse fate than Texas. Weinstein predicts tech sector layoffs in the state will last between three and six months before leveling off. Another fact that exists is that many laid-off IT workers are finding jobs elsewhere.
The Texas Workforce Commission announced, Monday, that nearly 400 tech-sector lay-offs are coming by the end of January…with more expected in coming months. However, Weinstein has an optimistic view for the Texas economy and job market, as he believes the effect will be mild due to the state’s more balanced economy.
He also believes technology jobs in DFW will eventually recover.
Listen to WBAP/KLIF report:
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