The 2014 Silicon Valley Index reveals that the region’s economy is red-hot and leads the nation with extraordinary growth in jobs, income, innovation, venture capital investment and immigration. The comprehensive yearly analysis of the economic strength and overall health of Silicon Valley also indicates that the new wave of prosperity poses greater challenges for the region to accommodate sustained growth and that the gains are bypassing the lowest earning groups, leaving the less affluent further behind than ever.
February 5, 2013 - The 2013 Silicon Valley Index presents the latest data and trends in economic development, workforce, housing, education, public health, land use, environment, governance, arts and culture and other sectors throughout Santa Clara and San Mateo Counties and portions of Alameda and Santa Cruz Counties. An accompanying Special Analysis section of the report each year takes a closer look at a particularly significant topic.
Silicon Valley’s innovation engine is driving a recovery that leads the nation, but the persistent public sector fiscal crisis and other factors are slowing widespread economic gains, according to the 2012 Silicon Valley Index released today by Joint Venture Silicon Valley and Silicon Valley Community Foundation.
The comprehensive yearly study on the economic strength and overall health of Silicon Valley indicates the region that was the last to succumb to the recession now appears to be the first to emerge, paced by tech sector growth that is spawning new companies and creating jobs. Yet these narrow gains, the drag on public finance and housing and the constraints of Proposition 13 are keeping most residents from benefiting.
The 2011 Index reports the latest data and trends in economic development, workforce, housing, education, public health, land use, environment, governance, arts and culture and other sectors throughout Santa Clara and San Mateo Counties and portions of Alameda and Santa Cruz Counties. An accompanying Special Analysis section of the report each year takes a closer look at a particularly significant topic.
2009 was a rough year. We learned the hard way that Silicon Valley is not immune to the larger forces at work in the global economic recession. Like other regions, we have lost tens of thousands of jobs, absorbed thousands of home foreclosures, and seen our incomes decline. Despite our many strengths—from talented people to world-class technology—we could not insulate ourselves from the larger economic downturn.
THE CHALLENGE: Protecting the Climate and Growing the Economy. What if we could turn the climate change crisis into an opportunity to build a better world? That is the promise of Climate Prosperity—creating a better, more sustainable world for our children and grandchildren—and what this Greenprint for Silicon Valley is all about.
A system that readily equips Silicon Valley's workforce with new skills and opportunities to keep up with the changes in its innovative economy will be instrumental to the region's equitable growth and prosperity.
Despite a job loss spike and other grim economic indicators, the rapidly growing cleantech sector foreshadows Silicon Valley's path out of the recession and its leading role in addressing the climate crisis. Adapting our domestic workforce to the necessary economic restructuring will be crucial to a resilient recovery.
June 2, 2010 - Silicon Valley must adapt to the economic churn and changing needs of employers for a more skilled workforce in order to remain the epicenter of innovation and entrepreneurship, concludes this comprehensive new report on regional workforce development by Joint Venture: Silicon Valley Network, NOVA, the San Mateo County Workforce Investment Board and work2future.
Cell phone service today is ubiquitous. A rapidly growing population has disconnected its landlines altogether. The cell phone–based E911 service is saving lives by automatically directing emergency workers to the scene of an accident, heart attack, or crime. Established businesses, entrepreneurial start-ups, and residential consumers are choosing locations by the quality of cell phone service.
Joint Venture’s Smart Health Task Force has worked for more than two years to introduce new efficiencies to the region’s health care sector by using information technology more effectively. The process has involved hundreds of leaders from the Valley’s health care providers, insurers, employers,and the broader community.
Silicon Valley's most recent productivity gains, income increases, venture capital investment, and patent activity are promising indicators of a leading innovation economy. However, they will not isolate the region from the workforce challenges that globalization imposes, especially for mid-wage occupations.
Broad based growth in most sectors of the economy and expanding new venues for venture capital investment are encouraging signs for Silicon Valley. Nevertheless, trends in mid-level housing and city revenues do not seem promising, and our youth are not meeting the local demands of a competitive global economy.
The forces and opportunities of globalization are driving Silicon Valley's long-term transition from a powerhouse of industrial production to one of ideas. Our jobs, although modestly growing, are different, and our assets as a creative world center do not guarantee equitable dividends if our institutions do not adequately prepare our workforce for this demanding transition.
This year's report highlights the complex effects of globalization on our region, exemplified by productivity and per capita income gains despite job losses. Persisting health and education gaps, unaffordable housing, and disparities in income growth do not reflect Silicon Valley's reputation as a vibrant, prosperous community.
The vision of our Wireless Silicon Valley project is to provide a low-cost, high-speed, outdoor, wireless infrastructure that will be available for a variety of purposes---on streets and highways, in parks and plazas, at construction sites, in recreational areas and business parks, and on buses and trains.
Main Street Silicon Valley is intended to help the 20 cities along El Camino Real/Monterey Highway better understand the common challenges of this regional transportation corridor, highlight and leverage some of the successful actions these communities have already taken, and identify tools and models that can guide local cooperation to revitalize it.
This year's Index reports a deceleration in job losses, employment gains in some high-wage occupational clusters, and continued growth in regional productivity. Employment is robust in the health services industry and the biomedical industry cluster is becoming more concentrated in Silicon Valley as its employment grows relative to the nation.
Currently California faces an unprecedented budget shortfall. While fiscal deficits have faced many states, few have compared to California's, whose current deficit is larger than the budget shortfalls of all other states, combined.
Joint Venture partnered with the Valley’s three Workforce Investment Boards to convene a series of community forums on how Silicon Valley can do more to help the region’s youth prepare for the highly-skilled technology jobs that will drive our long-term economic growth. The there is a serious need to increase young people’s interest in technology professions and to connect them with career opportunities and information.
Silicon Valley is the world’s most dynamic economic region because it is a habitat for innovation and entrepreneurship. This paper addresses how short-term economic cycles, longer-term waves of innovation, and external economic shocks shape the Silicon Valley habitat. It outlines four action-based initiatives to rebuild Silicon Valley's economy, create more jobs, and improve the area's quality of life.
Several key economic indicators—including total jobs, average pay and venture capital investment—have returned to near 1998 levels. Productivity, however, has continued to increase, extending an upward trend that began almost a decade ago.
The future economic vitality of Silicon Valley will depend in part on the region’s ability to increase the local pool of well prepared, tech-savvy professionals. One key facet of this effort should involve working to fully develop the region’s “homegrown” high-tech talent, which would help prevent future shortages of technology workers and contribute to the sustainability of Silicon Valley communities.
Converging revolutions in bio-, info- and nanotechnology will create new industries and will redefine a wide range of existing industries worldwide. This wave of innovation will fundamentally transform Silicon Valley’s economy and society.
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