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Visualizing Tech Company Layoffs in 2022

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tech layoffs in 2022

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Visualizing Tech Company Layoffs in 2022

Layoffs are happening so frequently in 2022 that everyone from Crunchbase to Indian tech website Inc42 are now keeping track.

There is even a standalone website tracking all tech layoffs in the United States.

For the purposes of this infographic, we’ve used data from trueup.io which includes a mix of U.S. and international tech companies that have let workers go in 2022.

A Thousand Cuts: Mass Layoffs by Tech Companies

Layoffs are having an impact on the entire tech industry, and the phenomenon is global. Here are some of the most high-profile examples of mass layoffs in 2022:

Meta: The social media giant faces competition from upstarts like TikTok, as well as a pool of ad dollars that is shrinking in the face of a faltering economy. Although this reduction in headcount is painful for Meta, it’s worth considering a more broad perspective. In close to two decades of doing business, these will be the company’s first wide-scale job cuts.

Twitter: Though Meta wins with sheer volume of cuts, Twitter’s mass layoffs are surely the most dramatic. In early November, the company’s iconoclastic new owner, Elon Musk, slashed 50% of the workforce, and soon after, thousands of contractors also suddenly lost their jobs. Estimating how many employees remain at the company will remain a challenge until the dust settles.

Byju’s: Layoffs are not just confined to the United States. India’s sizable tech sector is also facing cuts. EdTech giant, Byju’s, laid off 2,500 employees in October—around 5% of its total workforce.

Peloton: The high-end workout equipment company has been dropping its headcount throughout the year. In the visualization above, companies like Meta stand out as they eliminated thousands of employees all at once. Peloton, however, executed its layoffs in stages throughout the year. After strong growth during the pandemic began to stagnate, the company is slimming down to regain profitability.

Why are Tech Companies Laying Off so Many People?

The stated reasons for letting so many workers go are economic uncertainty (external factors) and poor performance (internal factors).

Goldman Sachs Research points out that “higher interest rates and tighter financial conditions disproportionately impact the sector because tech company profits are typically expected further out in the future and therefore subject to greater duration risk.”

Shrinking advertising budgets and the implosion of the cryptocurrency market are also factors that may have influenced the decision to cut headcounts. Twitter and Snapchat fall into the former bucket, while Coinbase and Kraken fall into the latter.

What Do These Job Cuts Mean for the Economy?

At face value, widespread layoffs in the tech sector might appear to be a bad omen for the wider economy—especially given the outsize influence tech companies have on the markets.

Thankfully, this does not appear to be the case. Payroll and wage data from the U.S. government have exceeded expectations, and the country’s unemployment rate is close to a half-century low.

So, why the disconnect?

First off, tech jobs only account for less than 3% of total employment in America. As well, tech workers who’ve lost their jobs have a high likelihood of securing a new job in short order.

It remains to be seen whether November will be the peak of job cuts. Employers generally try to avoid letting people go right before the holiday season. One week into December, Trueup.io has tracked 7,600 more layoffs.

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Economy

Mapped: The Median Down Payment for a House, by U.S. State

From coast to coast, the median down payment on a single family home can be close to $100,000 or less than $10,000.

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A cropped map with the median down payment on a single-family home in America, by state.

The Median Down Payment for a House, by U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Since housing costs vary across U.S. states, so too does the income required to buy a house, and the down payment associated with the purchase.

But how much does the median value change per state?

Creator Julie Peasley maps the median down payment on a single-family home by U.S. state, using data from Realtor.com, accessed through Bankrate, a publisher and rate comparison service focused on the banking industry.

Importantly, a “single-family home” is legally defined as a “structure used as a single-dwelling unit,” which includes:

  • No common walls
  • Built on its own parcel of land
  • Private entrance/exit
  • One set of utilities
  • Single kitchen

This means actual house square footage will vary within and across the states, affecting the median prices and down payments in this data.

The Data: Median Down Payments by State

The top three priciest places for down payments are tied for number one: Washington D.C., Florida, and Hawaii, at a whopping $98,670.

RankU.S. StateMedian Down PaymentAverage Down
Payment Percentage
1Florida$98,67017.0%
2Hawaii$98,67017.0%
3Washington, D.C.$98,67020.9%
4Washington$86,75228.6%
5California$84,24418.4%
6Massachusetts$79,20618.9%
7Colorado$75,30418.5%
8Montana$72,83321.0%
9New Jersey$71,54718.0%
10New Hampshire$71,50020.0%
11Idaho$64,98520.2%
12Oregon$55,01517.3%
13New York$50,84317.0%
14Vermont$48,53417.5%
15Connecticut$47,34218.6%
16Rhode Island$45,28516.6%
17Utah$43,48816.4%
18Delaware$40,41217.0%
19Minnesota$38,50016.1%
20South Dakota$37,63016.8%
21Georgia$35,57215.9%
22Arizona$34,07215.4%
23Nevada$33,30615.0%
24Wyoming$32,38916.0%
25North Carolina$31,86714.5%
26Virginia$29,70413.5%
27Nebraska$29,61715.4%
28Wisconsin$28,33315.0%
29Illinois$27,34814.3%
30Iowa$26,46115.5%
31Tennessee$25,96914.6%
32Maryland$25,72311.9%
33Pennsylvania$25,40213.8%
34North Dakota$24,54315.0%
35South Carolina$24,35715.1%
36Michigan$23,15314.2%
37Alaska$21,35412.2%
38Texas$18,78012.2%
39Kansas$18,32513.1%
40Missouri$17,83212.9%
41New Mexico$17,57612.6%
42Kentucky$17,54813.4%
43Maine$17,54816.0%
44Indiana$17,47712.6%
45Ohio$15,04412.3%
46Oklahoma$13,17712.3%
47Arkansas$11,99611.8%
48Alabama$8,78810.7%
49West Virginia$6,6119.2%
50Louisiana$6,4709.2%
51Mississippi$5,8149.3%
N/ANational$31,50015.0%

Note: Current as of Q3, 2023.

Ranked 4th and 5th are Washington State and California, requiring median down payments in the mid-$80,000s.

Unsurprisingly the median down payment patterns follow how expensive housing is in that particular state, which in itself is a reflection of jobs, income, population, amenities, and the desirability of the location. By looking at the median, it also cuts out the “high end” that would skew the average (mean) payment higher.

At the bottom of the list, Alabama, West Virginia, Louisiana, and Mississippi all average less than $10,000 in median down payments.

However looking at the percentage of the total value put down as a down payment in those states (10%) indicates homebuyers there tend to have longer repayment plans. This is in contrast to the median down payment in Washington, which is close to one-third of the total house value.

Work From Home and U.S. Real Estate

The U.S. housing market has seen quite an upheaval in the last few years. Between December 2019 and November 2021, house prices rose nearly 24%, the fastest rate on record. Research found that areas that were more exposed to remote work experienced higher price growth.

Following the trend of skyrocketing house prices, the national average for down payments has also more than doubled from $13,250 in Q1 2020 to $31,500 in Q3, 2023, per earlier linked Bankrate data.

Rents have also climbed significantly, pricing many young adults out of moving out of their parents homes, which in turn has fueled luxury spending with more disposable income.

On the other hand, the commercial real estate market has struggled with falling demand and higher interest rates, putting downward pressure on prices in the sector.

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