Silicon Valley Index: More Jobs Helps Region Grow Again

If your life has improved over the last few months, a new report explains why.

At the State of the Valley annual conference Friday, Joint Ventures—the sponsoring organization—released its 2013 Silicon Valley Index and the report shows that economic life for most residents in the region has improved dramatically since the 2008 recession.

And the region has grown to include cities from San Jose to San Francisco, reports the San Jose Mercury News. Business Insider is calling this the next 'boom.'

"With Silicon Valley’s tech economy extending into San Francisco, it’s clear we need to think more broadly about transit, housing, jobs and our long-term economic competitiveness," said Emmett D. Carson, CEO and president of Mountain View-based Silicon Valley Community Foundation. "The old boundaries just don’t apply anymore and if we continue to approach our world as if they do, we aren’t going to be successful."

The index reports that more people continue to move to Silicon Valley from other U.S. states and other countries, with a net gain of over 11,000 people, which represents a 15-year high. And the population is young—between 25 and 44 years old—and more educated.

However, the number Black and Latino adults with a higher education degree in 2011 decreased from 2006 figures. Also, while the income for other ethnicities  increased in 2011, the income of Blacks and Latinos fell 18 percent and 5 percent.

"Silicon Valley has pulled off a remarkable recovery from the recession," said Russell Hancock, President and CEO of Joint Venture. "Our continuing resilience is impressive. Still, the rebound hasn’t been a cure-all for everyone."

Still, Silicon Valley's job growth continues to outpace the rest of the California and the nation, and according to report the employment is 4.6 percent higher than in December 2007. One interesting trend is that San Francisco employment rate has grown faster than Silicon Valley's.

During a ten year period from the second quarter of 2002 until 2012, a 4 percent employment increase was seen in areas like Scotts Valley, Fremont, Newark and Union City too.

Despite the increase in population, Silicon Valley leads the state in its approach to environmentalism. According to the report, since 2008 people have disposed of less waste and used less electricity, and since added more solar panels to their homes and businesses.

But the report also highlights that there's much more room for improvment. There could be more job creation, if there was more housing; congestion on local highways could be reduced if there weren't 27 different transit systems and jobs were closer to a commuters home; and climate change poses a threat and challenge to the continued growth of the area.

And while the revenue of cities within the nine Bay Area counties continue to grow—after a sharp decrease from 2007-08—the revenue growth is slow. It grew up a modest 1 percent in 2011.

Don't miss a thing in Los Altos! Subscribe to our newsletter.