Tech layoff effects a 'short run,' in NC, economist says

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ByCindy Bae via WTVD logo
Wednesday, November 9, 2022
Tech layoff effects a 'short run,' in NC, economist says
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From Meta announcing its plans to lay off more than 11,000 workers to Twitter recently firing nearly half its workforce, the latest wave of tech layoffs can feel like it's happening all at once.

RALEIGH, N.C. (WTVD) -- From Meta announcing its plans to lay off more than 11,000 workers to Twitter recently firing nearly half its workforce, the latest wave of tech layoffs can feel like it's happening all at once.

In the Triangle, companies such as Pendo and Avaya laid off their workforce. But data scientist Patrick Fitzgerald said he is confident in his job security.

"I don't think it's going anywhere, I don't think it's going to go away," Fitzgerald said. "Just because jobs are leaving Meta, doesn't necessarily mean that jobs won't open up elsewhere."

The period in the tech industry is what economist Christian Lundblad calls a "short run," as multiple factors contribute to the layoffs, including what's going on in the U.S. economy.

"We're fighting inflation, the Fed has no choice but to move the needle on interest costs," Lundblad said. "And as I said, the tech industry is at the front end of that adjustment right now. I think here in the Triangle, we're going to have no choice but to inherit that broad trend."

For Raleigh native Allison Parrish, the looming layoffs are always a concern.

"But I'm young," the 25-year-old said. "I'm always looking for another opportunity but I like where I am. There's opportunities all around. My Syngenta's always hiring. There's new upcoming places in RTP ... I'm really not worried at all."

Tech workers such as Parrish and Fitzgerald continue to attract companies to North Carolina, according to Lundblad.

"There's an opportunity for firms to re-think where they want to be," Lundblad said. "Not only is this a great place to live and work but there's a lot of smart people here and a lot of exciting things to think about in terms of the medium run."

Firms that are struggling to find the talent they need can find them in North Carolina, which Lundblad said he believes won't change anytime soon.

"So we can capitalize on that," Lundblad said. "So somebody anticipating a career in this space has a lot to be excited about, even if the next year or so or two perhaps are going to be a bit bumpy."