Despite the rattling effect of recent layoffs at a few tech firms, employers in California’s Silicon Valley have optimistic hiring plans for the fourth quarter, according to West Valley Staffing Group’s latest Silicon Valley economic forecast survey.

The quarterly survey found 49% of hiring managers predict their hiring needs to increase in the fourth quarter and 40.0% believe their hiring trends will remain steady. Only 11% of hiring managers expect their needs to decrease in the fourth quarter. 

“Downsizing workforces is always a spooky thought,” said Charlie Allport, executive VP of West Valley Staffing Group. “However, innovation and the promise of new technologies are spurring economic growth and will create new opportunities in the future.”

The survey included more than 1,000 hiring managers from different industries, including high tech, manufacturing, electronics, finance, semiconductor, medical, aerospace and alternative energy.