(This is an excerpt of news release from Joint Venture)
Highlights of the 2012 Index and Special Analysis include:
Jobs – Silicon Valley added more than 42,000 jobs in 2011. Unemployment in the region fell 1.4 percent over the previous year to 8.3 percent in December 2011. This is lower than California at 10.9 percent and on par with the U.S. rate.
Innovation Engine – Patent registrations leapt by 30 percent over 2009 with 13,311 new patents registered in 2010, largely in computers, data processing and information storage. Silicon Valley accounted for 49 percent of total registrations statewide and 12 percent nationally, a one percent drop over the prior year. Venture capital investment in clean technology nearly doubled over the prior year and was strongest in energy generation, efficiency and storage. Silicon Valley had 12 IPOs in 2011, one more than in 2010, 46 percent of California’s offerings and 12 percent of the nationwide figure.
Public Sector Fiscal Crisis – City revenues in 2009/2010 fell eleven percent from the year prior, the second straight year of declining revenue since 2003/2004. From 2009 to 2010, total debt funding increased by 43 percent with $2.5 billion in 2010. This growth was mostly due to increased debt funding in education, transportation infrastructure and housing.
Housing – Residential foreclosures fell 16 percent from the first half of 2008 to the first half of 2011 in the region and declined 24 percent in California. Only five percent of new housing in Silicon Valley was classified as affordable, a 14-year low. Total new residential development expanded by 165 percent in the last year.
Income – Silicon Valley’s per capita income in 2011 expanded by four percent to reach $66,000. Per capita income in California and the nation increased just two percent over 2010. However, most residents continued to suffer earnings losses in 2010 as the region’s median income continued to slide for the second year in a row. Median incomes dropped three percent in the region, seven percent statewide and two percent nationally.
Talent Flows, Diversity – Science and engineering talent expanded by four percent in Silicon Valley and by eight percent in the U.S. Half the population speaks a language other than English in the home. Asian speakers make up the large shares, but speakers of European languages are on the rise.