Silicon Valley’s employment is growing and the number of mega-deals is at record, but at the same time costs are rising, especially in housing and income inequality, according to a report released Wednesday by Joint Silicon Valley, according to a report released Wednesday by Joint Silicon Valley. The 2020 Silicon Valley Index shows that the number of people leaving silicon valley has surpassed the number of people entering the country for the third year in a row.
Rachel Massaro, vice president of Joint Venture and director of research at the nonprofit Institute, said: “The granulardata on this year’s index migration is instructive — we’re basically going to turn our population over every nearly five years. The influx of immigrants has increased the level of diversity and skilled personnel in our region. “
Russell Hancock, CEO and president of Russell Hancock, joint venture, points out that the Bay Area has added 821,000 jobs since the recession, but only 173,000 new homes have been added. In response, he said in a statement, this would lead to soaring house prices and aging infrastructure.
The region is understood to have a median house price of more than $1 million, the highest in the United States. The report also notes that more than 11,000 people have been displaced in San Mateo and Santa Clara counties. In addition, as the cost of goods and services rose by 2.7 per cent last year, 30 per cent of the population did not meet the criteria for self-sufficiency.
In addition to rising costs, income and wealth inequality are rising, the report says, with 13 per cent of households controlling more than 75 per cent of the region’s wealth. It is reported that the net assets of these 13% of households exceed $1 million, while 37% of households save less than $25,000.
Despite this, The unemployment rate in Silicon Valley is at a new low of 2.1 percent in 2019, and Silicon Valley has added about 30,000 jobs, more than the u.S. state and national figures. In 2019, the region’s gross domestic product increased by $17 billion.