Silicon Valley Index exhibits the distress and triumph of the world’s tech capital


Venture capital exploded in Silicon Valley and San Francisco in 2018.

Joint Venture Silicon Valley

Living on the middle of the tech universe? Well, I’ve some excellent news and a few dangerous information.

The excellent news is that Silicon Valley is prospering economically, producing new know-how and good jobs. The dangerous information is that, for all its world-changing innovation, it is turning into a fair worse place to dwell.

“We’re a massively dysfunctional region,” stated Russell Hancock, president and CEO of Joint Venture Silicon Valley. The struggles are revealed within the newest annual evaluation of the realm, the 2019 Silicon Valley Index, which his nonprofit printed Wednesday.

“We’ve got the worst transportation in the nation, and we’re not doing a single thing about it. We’ve got the highest housing costs in the nation and we don’t seem to be doing anything about that, either,” Hancock stated. One consequence: For the third 12 months in a row, extra individuals left the realm in 2018 than arrived, he stated.

It’s a profound quandary for residents of Silicon Valley and the San Francisco Bay Area extra broadly. No place is ideal, however the issue places sand in Silicon Valley’s financial engine.

Companies have difficulties attracting and retaining staff who blanch on the prospect of multimillion-dollar mortgages and soul-sucking commutes. Facebook, Apple and Google can compensate with excessive salaries, however that does not assist the academics, policemen, waiters and others not on a tech-industry finances, and it means children have a tougher time getting began with out rich dad and mom.

“The irony is we invented the technology that created the problem,” Hancock stated. Computerization has changed armies of assistants, junior staffers and repair personnel.

Joint Venture Silicon Valley, which has regional mayors, businesspeople and educators on its board, has tracked Silicon Valley’s social, financial and enterprise traits since 1995. It counts a spread of cities in its definition of Silicon Valley stretching from simply south of San Francisco all the way in which southeast to Gilroy, the self-described garlic capital of the world. It’s now publishing many San Francisco statistics, too, for the reason that metropolis has grow to be a part of the tech hub.

Among the findings of the 2019 index:

About 36,000 new jobs got here to Silicon Valley between the second quarters of 2017 and 2018, a 2.2 % enhance to almost 1.7 million. The common revenue is $140,000, greater than double the US common of $68,000.Silicon Valley home prices surged 21 percent from 2017 to 2018.

Silicon Valley residence costs surged 21 % from 2017 to 2018.

Joint Venture Silicon Valley
Median residence costs — the fee for which half of the realm’s properties have been dearer and half have been inexpensive — rocketed up 21 % from 2017 to 2018, reaching practically $1.18 million. In 2000, it was about $700,000. For comparability, the median US residence value was $221,000 in 2018.The common time spent commuting has elevated 20 % from 2007 to 2017, which suggests the commuter spends 43 hours extra annually in transit. For San Francisco, the rise was barely much less at 15 %.For Silicon Valley, 6.5 % now are “megacommuters” who spend three hours in transit. That’s up from three % in 2011.Silicon Valley Silicon Valley

Silicon Valley “megacommuters” who want no less than 90 minutes to get to or from work are on the rise.

Joint Venture Silicon Valley
Women account for 28 % of staff on the 10 largest tech corporations, however solely 19 % of their technical or management workers.Infant care and preschool prices elevated between 30 % and 57 % from 2012 to 2018, relying on the age of the kid and the kind of college. The common 2018 preschool value, for instance, elevated from about $11,000 to $15,000.Overall, about 20,000 extra individuals from in another country arrived in Silicon Valley than left in 2018. The reverse was true for the US, the place departures have been about 23,000 greater than arrivals. The web inhabitants dropped about 2,000 in 2018. “Immigration is our lifeblood. There is no Silicon Valley if there is no immigration,” Hancock stated.More left Silicon Valley in 2018 than arrived.More left Silicon Valley in 2018 than arrived.

More left Silicon Valley in 2018 than arrived.

Joint Venture Silicon Valley
Since 2000, the proportion of voters registered as Democrats wavered barely between 45 and 50 %, however the variety of Republicans dropped from about 30 % to 17 % whereas the variety of independents elevated from 18 % to 33 %.
Silicon Valley likes its electrical autos. Cumulative gross sales have risen to no less than 48,000 by way of 2018 — at 18 % of the state’s whole gross sales, although the true quantity is probably going larger for the reason that state cannot rely EV gross sales to wealthier prospects who aren’t eligible for rebates. Nissan and Chevrolet declare 22 % every of these gross sales and Tesla 21 %.Homes and companies within the space have put in a complete of 481 megawatts of photo voltaic power technology capability by way of 2018.And enterprise capital investments surged from 2017 to 2018. In Silicon Valley, the rise was 31 % to about $19 billion, however San Francisco outpaced that, practically tripling to $31 billion.

“It’s an amazing economy. There’s no other place that creates opportunity as we do,” Hancock stated. “The nation’s political capital is Washington, DC, the financial capital is New York, we have the entertainment capital in Hollywood. Silicon Valley will always be the capital of innovation. It’s always where we push the boundaries and disrupt the existing industries. I don’t see anything stopping that.”

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