From Joint Venture: Silicon Valley Network with respect to the 2010 Index of Silicon Valley:
The economic recession has stalled Silicon Valley’s vibrant innovation economy and left its global competitive standing at risk as never before…
With respect to jobs:
Between November 2008 and November 2009, employment in Santa Clara and San Mateo Counties dropped 6.1 percent, compared to 3.8 percent nationally. Silicon Valley lost 90,000 jobs between the second quarter of 2008 and 2009, bringing total employment down to 2005 levels.
With respect to housing:
Residential foreclosure activity dropped by 39 percent in 2009 yet in some cities more than a third of sales are foreclosures. Housing affordability for first-time homebuyers is improving [i.e., values are falling]. New affordable housing units in the region doubled from 2008 to 2009. Average rents declined six percent from 2008, the first drop in rents since 2005.
And with respect to commercial real estate:
Office vacancy rates are at an all-time high since 1998. The continued decrease in demand for commercial real estate combined with the creation of 1.7 million square feet of new commercial space have driven commercial vacancies up 33 percent in 2009 over 2008.
On the plus side, growth in new Silicon Valley “green” businesses and jobs were up 18% and 24% respectively from 2004 to 2008 while median household income was up 5% over the same period. But the real blows to Valley employment didn’t kick in until 2009 and per capita income fell 5% from 2007-2009.
∙ 2010 Index of Silicon Valley [jointventure.org]
∙ Silicon Valley Faces Tough Climb Back From Recession [jointventure.org]