2016 Silicon Valley Index Highlights
Joint Venture Silicon Valley Reports
The report appropriately starts "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," as quoted from Russell Hancock, President and CEO of Joint Venture.
Prosperity brings its own challenges. Traffic, low housing inventories (housing costs now representing 35-50% of a families overall annual income), and a disparity between the have and have nots, whether real or imagined, plague our communities. Silicon Valley is getting older with the biggest increase in population representing 65+. In 2015, the 1,854 square miles that we call our valley showed an increase in median home sales price up 6% to $830,000. We also continue to have an extraordinary large share of residents who are foreign born, 37.4%, near 75% of those employed in the computer and mathematics field. Wage and income gains while good continue large gaps between genders and racial/ethnic groups. In particular, median wage for construction work in general dipped below $60,000 per year, showing a continual decrease since 2010, while overall median income for all workers is $98,535. Men with a bachelor's degree earn 39% more than women with the samedegree.
In construction, new warehouse space for the first time since 2001 is being built with 860,000 square feet of that claimed by new tenants before completion. Development of office space skyrocketed in 2015. Residential building has slowed but 16% more of those built were done under "affordable housing" indexes. Also, 84% of those units being built were near transit stations. It is estimated that 67,838 are employed in construction in our valley, 4.2% of our total employed population, but between 2007 and 2015, there is a decrease of 5.6%, or we are using fewer construction workers to do more work.
How are our local "society" trends flavoring? High school graduation rates continue to increase and nearly 55% of those that graduate meet UC/CSU requirements for college entry. In Silicon Valley, 70% of those that graduate score science and math. Violent crime continues to drop to the lowest levels since 2005. The three major areas of crime in our valley are (1) Assualt, (2) Robbery and (3) Forcible Rape. Almost 60% of us are overweight or obese. 5% of all our homes are now multigenerational. While the use of public transit has increased by 2.4%, the average commuter is now spending a whopping excess of 60+ annual hours stuck in traffic. Average "rush hour" per day in our valley is now at 6.7 hours.
This information can be used as a basis for your decision making future and we are happy to share Joint Venture Silicon Valley's 2016 Index. To read and download a copy of the full report, visit http://www.jointventure.org/publications/silicon-valley-index