The Bay Area job market and pay have dropped from peak 2022. Per SFGate, the good news: “Workers in the Bay Area received the highest average tech pay of any American metro. The bad news: “but also withstood the largest year-over-year drop at 15.25%.” Pay decline was due to area layoffs. Comp dropped 26% for people who changed jobs in 2023, compared to no change for those who stayed put. Laid off workers often found jobs relatively quickly but for less pay: “Even among scores of layoffs, many tech workers didn’t stay unemployed for long. But their pockets felt the damage.” Industries with biggest pay drops for tech workers: real estate, software, retail, ecommerce, construction and consumer products. Biggest gains: aerospace and defense.