Report: Silicon Valley job market rebounds Strongly Inflation soars

2022-07-29 0 By

The 2022 Silicon Valley Index, released by Joint Venture Silicon Valley’s latest reading on the Silicon Valley economy, shows that while inflation rose sharply in Silicon Valley last year, its job market,Thanks to the tech boom, it has bounced back from job losses caused by the pandemic.”We’ve recovered,” says Russell, president of the Silicon Valley Venture Consortium.”Unemployment in Silicon Valley has fallen back to pre-pandemic levels.”According to the report, in April 2020, the economic lockdown in California led to the shutdown of most businesses, and the unemployment rate in Silicon Valley was 12%.At the end of 2021, the unemployment rate was 2.9 percent, a marked improvement.”That’s full employment,” Says Mr Hancock.Before the COVID-19 outbreak, Unemployment in Silicon Valley was at a record low of 2.3%.”Technology has increased its share of employment,” Hancock said. “The jobs recovery has been driven by technology.”Before the pandemic, tech accounted for 25% of Silicon Valley’s job market;By the end of 2021, technology created 28.8 percent of jobs.While the impact of the pandemic has faded and Employment and wealth creation have surged in Silicon Valley, the income gap has also widened.Silicon Valley’s average income in 2021, including salaries, bonuses and stock, was $170,000, well above the national average of $71,000, the report said.Total wealth in Silicon Valley was $1.2tn that year, with the top 25 per cent of earners owning 92 per cent of the region’s wealth.Silicon Valley Co-venture Capital Association director Rachel.Rachel Massaro of The University of Pennsylvania estimates that the top 10 per cent of earners own 74 per cent of the region’s wealth.”We are creating wealth faster than ever before in personal assets, real estate, valuations of private companies and market capitalization of public companies,” Massaro said.Combining quarterly employment statistics from the federal government with estimates compiled in state labor reports, the report calculated that there could be more people working in Silicon Valley at the end of 2021 than there were in mid-2019.The report estimates that about 1.72 million people were employed in Silicon Valley in December 2021, about 15,000 more than in mid-2019.