Remember the good ‘ole days of the dot-com boom? The late 90s was a great time for Silicon Valley, creating jobs left and right. However, job growth hasn’t reached quite that level since then, except for now. According to a report, job growth in Silicon Valley has reached levels that equal that of the dot-com era, with 92,000 jobs being added in the Bay Area alone.
According to the 2013 Silicon Valley Index, 46% of the Bay Area’s 92,000 new jobs were based in Silicon Valley, and it saw a growth rate of 3.6% compared to the state average of 1.7%. Incomes in the region also rose by 2.2% during the year, while quarterly employment grew by 4% — certainly a modest increase if we do say so ourselves.
Russell Hancock, president of Joint Venture Silicon Valley, says that “the growth is crazy and it’s getting crazier,” referring to the jobs that Silicon Valley has created recently, and will continue to create for a little while longer. Hancock also notes that this job growth is positively affecting surrounding cities as well, including San Francisco and San Jose.
However, it’s not all good news. Despite the job growth, the increase in employment and wages hasn’t benefited Bay Area residents all that much. Emmett Carson, CEO of Silicon Valley Community Foundation, says that “income growth in Silicon Valley is uneven,” meaning that “the gap between high and low income earners is increasing.” However, Hancock says that “Silicon Valley is two valleys…there is a valley of haves, and a valley of have-nots.”
[via Mercury News]
Image via Flickr