2016 Index News Coverage

Every year the release of the Silicon Valley Index draws extensive media coverage from around the world for its findings, data, trends and other indicators measuring the economic health and community well being of Silicon Valley. Local newspapers and broadcast outlets, national network news organizations and wire services, financial and government publications and news sources as far away as Europe, India, Asia and Australia all have reported on the Index.

A Message About the 2016 Index

Dear Friends:

Silicon Valley continues to sizzle.

You’ll see on the pages of this report how employment growth, already impressive, just keeps accelerating. We’re now adding jobs at a rate we haven’t seen since the short-lived dot-com craze in 2000, and with this growth comes extremely low unemployment rates and rising incomes. Innovation is thriving, as measured by patent generation and record levels of venture funding, and our entrepreneurs are proliferating ideas, products, and services that disrupt established industries and change our lives.

It’s extraordinary, truly, and a thing to celebrate.

But what is it really like inside the “box”?

In some ways our region is a closed box—a built-out system with no more room to expand. As employment levels rise, the issues of traffic congestion and housing continue to mount.

In other ways, the region is an open box—if the rising tide doesn’t lift all the boats, it replaces those boats. As housing prices increase and the cost of living rises faster than the state and nation, many Silicon Valley residents choose to live elsewhere and are promptly replaced by newcomers who fill our growing employment demands.

Are traffic, high housing costs and population turnover simply the price we have to pay for our success? What will happen as fewer and fewer of our region’s service workers—those who enable our growing economy—can no longer afford to live near their work?

There are perils associated with prosperity, and the region needs to address them even while we celebrate our remarkable dynamism. Our organization exists for this very purpose, and we’re pleased to provide the data that will inform our decision making.

2015 Index Advisors

Chris Augenstein
City of Fremont

Mary Bradley
City of Fremont

Bob Brownstein
Working Partnerships USA

Jo Coffaro
Hospital Council of Northern & Central California

Marc Compton
U.S. Trust, Bank of America Private Wealth Management

Leslie Crowell
County of Santa Clara

Michael Curran

Fred Diaz
City of Fremont

Jeff Fredericks
Colliers International

Dennis Jacobs
Santa Clara University

Tom Klein
Greenberg Traurig, LLP

James Koch
Santa Clara University

Stephen Levy
Center for Continuing Study of the California Economy

Rocio Luna
Santa Clara County Public Health Department

Andrea Mackenzie
Santa Clara Valley Open Space Authority

Connie Martinez
Silicon Valley Creates

Sanjay Narayan
Sierra Club

Dan Peddycord
Santa Clara County Public Health Department

Jeff Ruster
work2future, City of San Jose

AnnaLee Saxenian
University of California, Berkeley

Susan Smarr
Kaiser Permanente Santa Clara Medical Center

Kris Stadelman
NOVA

Anandi Sujeer
Santa Clara County Public Health Department

Michael Teitz
University of California, Berkeley

Lynne Trulio
San Jose State University

E. Chris Wilder
Valley Medical Center Foundation

Michael Uhl
McKinsey & Company

2015 Index News Coverage

Every year the release of the Silicon Valley Index draws extensive media coverage from around the world for its findings, data, trends and other indicators measuring the economic health and community well being of Silicon Valley. Local newspapers and broadcast outlets, national network news organizations and wire services, financial and government publications and news sources as far away as Europe, India, Asia and Australia all have reported on the Index.

March 4, 2015 - (PC Magazine) - Apple Security Guards Promoted to Full-Time Staff: "According to The Wall Street Journal, which cited a report by Joint Venture Silicon Valley, the median annual income for local high-skilled workers is about $119,000." More.

March 3, 2015 - (CIO) - ’Thought Leadership’ Means Never Having to Say You’re Discriminating: "A report by Joint Venture Silicon Valley, a regional organization of government and industry leaders, found that the Silicon Valley gender pay gap is one of the largest in the country." More.

Feb. 27, 2015 - (Palo Alto Online) - Off Deadline — Stanford's John Hennessy Takes a Peek at Stanford's, and the World's, Future: "But his keynote appearance at the 2015 State of the Valley conference in early February was a rare discourse from Hennessy, who has headed Stanford for the past 15 years, an impressive tenure for a university president." More.

Feb. 27, 2015 - (San Jose Mercury News) - Teamsters Win Vote to Unionize More Tech Shuttle Bus Drivers in Silicon Valley: "The income gap is particularly stark in the valley, where the median salary for highly skilled workers is nearly $92,000 higher than the median pay for low-skilled employees, according to a recent report from Joint Venture Silicon Valley." More.

Feb. 27, 2015 - (Lodi News-Sentinel) - California's Tech Company Bubble May Soon Burst: "...according to the nonprofit Joint Venture Silicon Valley index, which gauges the area’s living standards, the valley has the state’s widest income gap." More.

Feb. 22, 2015 - (KQED News) - Working Class Struggles in Silicon Valley: "'Thirty percent of our population is living below the self-sufficiency standard,' says Joint Venture Vice President Rachel Massaro. 'That means they can’t survive without public or informal private assistance.'” More

Feb. 21, 2015 - (Wall Street Journal) - Facebook Shuttle Drivers Vote to Ratify New Teamsters Contract: "A report this month from think tank Joint Venture Silicon Valley found that the median annual income for high-skilled workers in the region is about $119,000, while the median income for low-skilled workers is about $27,000." More.

Feb. 18, 2015 - (Capital and Main) - Silicon Valley's Brave New Economic Order: As Silicon Valley continues to generate extraordinary wealth – it posted the country’s fastest rate of job growth last year, according to a new report from the regional development group Joint Venture Silicon Valley – it is also establishing the blueprint of a new socio-economic order." More.

Feb. 18, 2015 - (Huffington Post) - How Silicon Valley Billionaires are Creating a New Economic Order: "'It’s as if the economy has lost its spine,' the chief executive of Joint Venture Silicon Valley, Russell Hancock, wrote recently, 'and this has important implications for the kind of community we become.'" More.

Feb. 16, 2015 - (Palo Alto Online) - Jay Thorwaldson Guest Column: Silicon Valley Hot and Getting Hotter, Yet with Huge Inequities: "But this time it's no bubble, Russell Hancock, president and CEO of the Joint Venture Silicon Valley, emphasized in introductory comments at a Feb. 4 'State of the Valley' conference in Santa Clara. More.

Feb. 12, 2015 - (Santa Cruz Sentinel) - Cupertino Bets Big on Apple Spaceship Campus: "By comparison, the median salary in the valley was $90,415 that year, according to Joint Venture Silicon Valley." More.

Feb. 9 2015 - (Yahoo! Finance) - Silicon Valley Tech Economy Booming: "The annual Silicon Valley Index, released by Joint Venture Silicon Valley, representing businesses, government and the broader community, also shows record venture capital investment in technology." More.

Feb. 8, 2015 - (San Jose Mercury News) - Michelle Quinn: Is Silicon Valley's Growing Gender Wage Gap a Boomtime Byproduct?: "But I was surprised to see, tucked in the data-rich report card produced by Joint Venture Silicon Valley on the region's economic health, the finding that in Silicon Valley, men with university degrees are earning much more than women." More.

Feb. 8, 2015 - (Tech Crunch) - Startups, a Rich Man's Game: "Joint Venture Silicon Valley, a non-profit regional forum, released its annual Silicon Valley Index, with dozens of tables and charts analyzing the region’s demographics and employment. More.

Feb. 7, 2015 - (San Jose Mercury News) - Scott Herold: Damn Lies and Statistics: "Where do you get decent numbers? Start with the Silicon Valley Index just put out by Joint Venture Silicon Valley. While its numbers come in the aggregate -- it defines Silicon Valley as San Mateo, Santa Clara and southern Alameda counties -- it offers fascinating snippets. More.

Feb. 6, 2015 - (Peninsula Press) - John Hennessy Calls for Universal Preschool, Education Reform: "In a fireside chat keynote at Joint Venture Silicon Valley’s State of the Valley conference Wednesday, Stanford President John Hennessy discussed issues surrounding education reform in Silicon Valley and the broader country." More.

Feb. 6, 2015 - California, Silicon Valley Turning ‘Sustainability’ from Buzzword to Reality: "In a keynote address Wednesday at Joint Venture Silicon Valley’s annual State of the Valley conference, Benjamin Barber...challenged Silicon Valley to make better use of technology to benefit the common good." More.

Feb. 6, 2015 - (San Francisco Chronicle) - Big Gender Pay Gap Persists in Silicon Valley Despite Booming Economy: "Women with a bachelor’s degree or higher continue to earn much less than men, and Silicon Valley’s pay gap is larger than the rest of the state or nationwide, according to a new report by Joint Venture Silicon Valley." More.

Feb. 6, 2015 - (Peninsula Press) - Income Disparity Prompts Need for Public-private Sector Collaboration: "The 2015 Index, published by Joint Venture Silicon Valley, a regional organization of government and industry leaders, indicated the top-tier income in Silicon Valley averages $119,000 per year and the bottom about $27,000 per year." More.

Feb. 6, 2015 - (EE Times) - Stanford Prez Grades U.S. Tech: "The following are excerpts from a fireside chat he gave at the annual State of the Valley event where Joint Venture Silicon Valley released its annual report on the high tech hot spot." More.

Feb. 6, 2015 - (Peninsula Press) - Are Regulatory Agencies Friends of Silicon Valley Startups?: "So said a panel of startup executives discussing the new realities facing Silicon Valley new ventures at Wednesday’s State of the Valley conference." More.

Feb. 5, 2014 - (San Jose Mercury News) - Silicon Valley Really is More Innovative, Study Finds: "'It seems intuitive but it is nice to have social science back us up,' said Russell Hancock, president and CEO of San Jose-based Joint Venture Silicon Valley, a policy organization focused on regional issues. More.

Feb. 5, 2015 - (New Zealand Herald) - Tech Boom Heats Up Valley but Wage Gap Widens: "'"It's not bubblicious, we have grown into this and we've done this incrementally,' said Hancock." More.

Feb. 4, 2015 - (San Francisco Chronicle) - Economy: "The annual Silicon Valley Index released by Joint Venture Silicon Valley, representing businesses, government and the broader community, also shows record venture capital investment in technology." More.

Feb. 4, 2015 - (Wired.com) - Silicon Valley's Biggest Worry Should Be Inequality, Not a Bubble: "Silicon Valley’s economy may be booming, but according to a new report, in recent years, the region has also “'ost its spine'—that spine being the middle class." More.

Feb. 4, 2105 - (EE Times) - Silicon Valley Expands Unevenly: "Silicon Valley’s economy continued to expand in 2014 and is not approaching a bubble but does face serious issues with uneven distribution of wealth, poverty and an over-burdened infrastructure, according to the annual Silicon Valley Index." More.

Feb. 4, 2015 - (MarketWatch) - Silicon Valley Young Adults are Bunking with Mom and Dad: "In the 18- to 34 year-old segment, 32.4% lived with one or both parents from 2009 to 2013, according to a yearly report conducted by think tank Joint Venture Silicon Valley." More.

Feb. 4, 2015 - (Techwire.net) - Report: Silicon Valley Powers to Record Job Boom: "'The hot economy is getting hotter,' said Russell Hancock, president of Joint Venture Silicon Valley. 'It is really extraordinary. We are blowing through every economic record.'” More.

Feb. 4, 2015 - (San Jose Mercury News) - Shuttle Bus Drivers for Apple, Yahoo and Other Tech Giants to Vote on Unionization. "Highly skilled workers in Silicon Valley have a median income of $118,700, dwarfing the $27,000 earned by workers in low-skill jobs, according to a new report from Joint Venture Silicon Valley." More.

Feb. 3, 2015 - (New York Times) - Report: Silicon Valley Tech Economy Booming: "The report shows that with the income and population growth, low-wage earners are being priced out of housing, roadways are increasingly congested, and public rail service is overwhelmed throughout the greater Bay Area. More.

Feb. 3, 2015 - (Los Angeles Times) - Tech Economy is Booming with No Bubble Burst in Sight, Report Says: "Silicon Valley’s economy is booming, according to the Silicon Valley Index, an annual analysis of the region’s job creation, growth rate, earnings and capital investments. And, in comforting news for investors, it shows no signs of slowing down." More.

Feb. 3, 2015 - (ABC7) - Silicon Valley Job Growth Exposes Increasing Gender Wage Gap: "Rachel Massaro with Silicon Valley Institute for Regional Studies says, 'If more women get into those kinds of traditionally male dominated careers, I think it will change the income gap here in Silicon Valley.'" More.

Feb. 3, 2015 - (Silicon Valley Business Journal) - Silicon Valley's Economy: Perhaps Not a Bubble, but Certainly A Boom: "It's a story told over and over again in Silicon Valley: We're growing at rates we haven't seen since the bubble in 2000, according to the 2015 Silicon Valley Index, the annual economic study released Tuesday by Joint Venture Silicon Valley." More.

Feb. 3, 2015 - (Examiner.com) - If You Think Silicon Valley's Highways are Crowded Not, Just Wait: "'We’re just growing like gangbusters,' said Russell Hancock, president and CEO of Joint Venture Silicon Valley. 'Clearly, we continue to be driven by innovation.'" More.

Feb. 3, 2015 - (Santa Cruz Sentinel) - Silicon Valley Economy Up Despite Income, Gender Gap: "The Silicon Valley economy is red hot and the growth is intensifying, according to the latest Joint Venture Silicon Valley Index released Tuesday, but the surge has been accompanied by a yawning income and gender gap." More.

Feb. 3, 2015 - (ABC News) - Report: Silicon Valley Tech Economy Booming: "The annual Silicon Valley Index released by Joint Venture Silicon Valley, representing businesses, government and the broader community, also shows record venture capital investment in technology." More.

Feb. 3, 2015 - (U.S. News & World Report) - Study Suggests Silicon Valley Jobs, Earnings, Inequality on the Rise: "'We’re poised now to blow through all the employment, venture capital and patent records that were set during the crazy dot-com period, only this time we haven’t spiked into it,' Russell Hancock, president and CEO of the Joint Venture Silicon Valley group, said in the report." More.

Feb. 3, 2015 - (Palo Alto Online) - Report Highlights Silicon Valley's Uneven Prosperity: "Fueled by a sizzling tech sector, strong population growth and low unemployment, the Silicon Valley economy has grown rapidly since the doldrum days of the 2008 recession..., according to an annual report released Tuesday by the Joint Venture Silicon Valley. More.

Feb. 3, 2015 - (Wall Street Journal) - Silicon Valley Not a Bubble...Report Says: "According to the think tank Joint Venture Silicon Valley, Silicon Valley’s job growth rate, at 4.1 percent, is the highest it’s been since 2000, adding nearly 58,000 jobs." More.

Feb. 3, 2015 - (San Jose Mercury News) - Report: Silicon Valley Powers to Record Job Boom, but Surge Produces Income Gap: "'The hot economy is getting hotter,' said Russell Hancock, president of Joint Venture Silicon Valley. 'It is really extraordinary. We are blowing through every economic record.'" More.

Feb. 3, 2015 - (Associated Press) - Report: Silicon Valley Tech Economy Booming: "The annual Silicon Valley Index released by Joint Venture Silicon Valley, representing businesses, government and the broader community, also shows record venture capital investment in technology." More.

A Message About the 2015 Index

Dear Friends:

The world’s hottest regional economy keeps getting hotter.

Anybody who has lived here long enough knows our economy cycles, and that we shouldn’t be overly despondent during a downturn or too euphoric during the booms. And yet our current pattern of growth really must be characterized as extraordinary. Silicon Valley was the last economy to succumb to the Great Recession, and we were the first to emerge from it. We’re poised now to blow through all the employment, venture capital and patent records that were set during the crazy dot-com period, only this time we haven’t spiked into it. We’ve arrived here through a steady five-year process of incremental growth, each year more impressive than the last.

There’s little talk of bubble this time, and with so many promising new areas of development (big data, the internet of things, security and encryption, boutique manufacturing, the sharing economy) it seems our region will keep growing for the foreseeable future.

Most striking of all is the stunning emergence of San Francisco. The City has always been a thriving microeconomy across the traditional sectors, but today it has to be said that San Francisco and Silicon Valley have become twin engines driving the region’s innovation and entrepreneurial activity. As you’ll see from the pages of this report, San Francisco’s employment growth, the amount of venture capital flowing into the companies there, and their sheer number of patents are fairly staggering. It raises interesting debates about whether we are one economy or two, but what is beyond debate is the pressing need to integrate the planning efforts to accommodate such explosive growth.

This kind of growth is a thing to celebrate, surely. But there are perils associated with prosperity, and anybody trying to navigate their way around the region feels it. The growth is straining our infrastructure, and putting housing out of reach for too many. Perhaps most vexing of all, the growth is uneven. Though we’re proliferating high-wage and low-wage jobs, we’re steadily losing share in the middle. It’s as if the economy has lost its spine, and this has important implications for the kind of community we become.

Documenting these developments is the purpose of our Institute. Grappling with the ensuing challenges is the purpose of the organization which houses it. We’re pleased we can provide this framework for analysis and action, and eager to take up the work before us.

Sincerely,

Russell Hancock

Russell Hancock
President & Chief Executive Officer
Joint Venture Silicon Valley
Silicon Valley Institute for Regional Studies

Subcategories

Previous Index Publications
All the Index publications we've published over the years.
Article Count:
16

Joint Venture Publications

Joint Venture produces and provides supporting documents and research for a wide array of Silicon Valley interests. We also help to support our initiatives through the publication of the annual Silicon Valley Index and a variety of other periodic reports and white papers.

report cover