Despite thousands of job cuts in Silicon Valley last year, a new report shows more jobs were created in the region.
Joint Venture Silicon Valley recently released the latest numbers on the local economy and everything from people moving out of the area, to employees working from home.
The report also shows the tech sector is recalibrating, focusing on efficiency and heading in new directions including AI.
The report also found the regions unemployment rate is at 3.3%.
Get a weekly recap of the latest San Francisco Bay Area housing news. Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
“Yes, there’s been a rash of layoffs in the tech sector, and yet the tech sector is streamlining some divisions and growing others so we’re still in a growth economy,” Russell Hancock, CEO Joint Venture Silicon.
And the latest data shows 35% of employees are working from home most days and the rate is even higher the more money people make.
"If they earn more than $100,000 a year, it's likely that about 60% are working from home," said Hancock.
But the divide between the haves and have nots is growing. According to the report more than 10 thousand 500 people in the valley are unhoused.
"We're two valleys," Hancock said. "There's the valley of the fabulously successful and there's a valley of people who are really struggling to get by. We have more than one-third of households in the region are not meeting self sufficiency standards.
Homeless advocates says one of the biggest issues is a lack of affordable housing.
“There’s very few buildings built for low income people. No one is building homes for families that built the valley of hearts delight, and those people now have nowhere to go and are living on the streets,” said Shaunn Cartwright with the Unhoused Response Group.
After four years of a population decline in Silicon Valley, last year the population increased slightly with more people moving into the region, mostly from other countries.
The report also found that most tech sector employees laid off last year were able to find new jobs in three months.
