Silicon Valley Economy Recovering Faster Than Nation

Russ Steele

CNET has this positive story.

Silicon Valley is experiencing a surge in job growth and wealth, outpacing the national economic recovery, according to a new report released today.

Silicon Valley added 42,000 jobs last year, an increase of 3.8 percent, much higher than the nation’s 1.1 percent growth rate, according to the 2012 Silicon Valley Index (PDF), a report issued by nonprofits Joint Venture: Silicon Valley Network and the Silicon Valley Community Foundation.

The unemployment rate for the region declined 1.4 percent to end the year at 8.3 percent, on par with the national average but well below California’s rate of 10.9 percent. However, the region’s workforce has not recovered to 2007 levels.

You can read the rest HERE.

However, there are still some problems that need to be solved, the highly educated are benefiting, but jobs are not trickling down to mid-level jobs.

“Silicon Valley does seem to be mounting a fairly impressive recovery,” said Russell Hancock, president and chief executive of Joint Venture Silicon Valley, a nonprofit that compiles the index annually along with the Silicon Valley Community Foundation. “We were the last to succumb to the national recession, and we appear to be the first emerging out of it.”

Hancock said the improving economy hasn’t resulted in the same widespread benefits as previous periods of growth. In the past, he said, advances in the high-tech industry would also create many mid-level jobs that served as the “spine” of Silicon Valley.

This time around, what Hancock called a “bonanza” for highly educated workers hasn’t trickled down.

Let hope some that high tech Silicon Valley job growth reaches Nevada County.

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About Russ Steele
Freelance writer and climate change blogger. Russ spent twenty years in the Air Force as a navigator specializing in electronics warfare and digital systems. After his service he was employed for sixteen years as concept developer for TRW, an aerospace and automotive company, and then was CEO of a non-profit Internet provider for 18 months. Russ's articles have appeared in Comstock's Business, Capitol Journal, Trailer Life, Monitoring Times, and Idaho Magazine.

One Response to Silicon Valley Economy Recovering Faster Than Nation

  1. gjrebane says:

    You would expect the educated wealth generating sector to lead in job creation. And there may not be any subsequent trickle down effect for jobs other than local service sector jobs in Silicon Valley itself. Our progressive elites will see all of this as an evil development since it will definitely contribute to income inequality.

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