The Silicon Valley Index was released this week and it aims to provide clarity on what’s going on in the region. It looks at the highs and lows of one of the nation’s most important areas of innovation.
Hundreds of local leaders and stakeholders attended the State of the Valley event Friday morning. The index examines the economic and socio-economic realities of Santa Clara and San Mateo counties.
Russell Hancock, President & CEO of Joint Venture Silicon Valley, said its clear at the moment, the tech industry is re-sizing and re-calibrating.
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So far, the tech layoffs have affected at least 11,000 workers locally. Another 9,000 layoffs are planned.
“This is nothing like the downturns we have experienced in the past. The dot com bust generated 300,000 job eliminations,” he said.
The index looks at a wide range of economic factors. The report shows the death rate has gone up, and the birth rate declined.
There is also an exodus. As 91,000 people left Silicon Valley over the past two years. But half of those are only moving to another part of the Bay Area or Northern California.
To read the full report, visit jointventure.org.
