High interest rates, changing consumer demands and, perhaps, a shift in the tech sector 'epochs' have contributed to Silicon Slopes staff reductions.
Since 2018, Utah’s tech sector has grown faster than the national average. So while high interest rates are also fueling cuts at tech companies outside of Utah, a downturn in the tech sector here could have larger repercussions than elsewhere.
“[Companies are] just clamping down, not because they’re not still doing well, it’s just that they can’t anticipate growing at the same speed that they were. And it’s unfortunate that people are a part of this,” Washington said about the layoffs, “especially this time of year.”that he knew this sort of market contraction was likely if interest rates increased.
If this is true, Washington said that change would likely create more jobs in Utah — not replace or reduce them.This economic downturn means that some companies are cutting staff to balance budgets they’d created while they still anticipating rapid growth. Going forward, if interest rates remain high, companies will likely grow slower, Washington said.
“I don’t think by any stretch of the imagination is it the end for this market. I think tech will continue to perform strong in Utah. What is happening is people are a little bit more risk averse. I think they’re being a little bit more conservative in their numbers,” she said, “and and that’s being reflected by the hiring practices and the layoffs that they’re doing.”Levi Pace, Kem G.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Triple Team: Jazz lose to Spurs; discussing a three-team trade report involving UtahThe Jazz lost to the Spurs by giving up 126 points to the league's 2nd-worst offense. How? And Shams Charania reported that the Jazz were involved in 3-team trade negotiations — what is that deal?
Read more »
Donovan Mitchell: Racism in Utah was 'draining'The three-time All-Star described his move to Cleveland as 'refreshing' and 'comforting' after vocal pushback from Utah fans when he challenged racism in predominantly white Salt Lake City.
Read more »
Partnered with Utah Naloxone, officers perform 600th opioid overdose reversalSix hundred people have been saved from an overdose in Utah with the help of law enforcement and the overdose reversal agent Naloxone. JimSpiewak
Read more »
Texas Instruments' multibillion-dollar microchip plant investment in Utah comes onlineOnce best known for its consumer products, Texas Instruments is now a fast-growing force in semiconductor manufacturing and one that got a foothold in Utah in June 2021.
Read more »