March 11, 2022 – The employment rate in Silicon Valley increased to 3.2% in January 2022 due in part to a drop in seasonal employment and the significant spike in COVID cases. Employers shed nearly 13,400 workers between mid-December and mid-January. The decline represents more than half of the job gains experienced between mid-October and mid-December of last year. The total number of unemployed workers increased to 47,500 by mid-January, representing a decrease of nearly 5,000 since mid-December. Total employment in the region is still up nearly 171,000 since April 2020; job growth of 13.5% over that nine-month period.
February 24, 2022 - In an opinion piece published in the Mercury News, Joint Venture's David Witkowski takes the FAA to task on its approach to the approval of C-band 5G deployments near U.S. airports. Witkowski, executive director of the civic technologies intitiative, says the FAA "overstepped its authority" and "ignored data that shows C-band 5G is not a risk to aviation." Witkowski argues that 60% of households in the US rely on wireless and current 3G and 4G networks cannot support the demand without C-band 5G.
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The 2022 Silicon Valley Index
Joint Venture CEO Russell Hancock summarized the major findings from the 2022 Silicon Valley Index at the annual State of the Valley conference held online February 18. The report, produced by Joint Venture's Institute for Regional Studies, shows that an incongruous set of contradictions are still a common theme in Silicon Valley. Employment rebounded to pre-pandemic numbers and tech jobs went up 4%. VC hit new records, start-ups were brisk, and there were more IPOs than in any other year this century. Yet, health and wealth disparities were stratified by race and ethnicity. “Silicon Valley is showcasing our fabled dynamism but also exposing a whopping set of fallibilities,” said Hancock.
Joint Venture’s 2022 State of the Valley conference was held on February 18 as a hybrid event. You can view all the available sessions on our YouTube channel.
The 2021 Silicon Valley Poll | October 12
The Silicon Valley Poll is an extensive public opinion survey placed in the field annually by Joint Venture and its research arm, the Silicon Valley Institute for Regional Studies. Carried out in partnership with The Mercury News and Bay Area News Group, the Poll tracks recurring questions probing how residents feel about the general direction of the region and their stance on a range of policy and planning questions. Each year the poll also poses timely and topical questions about current events.
The inaugural installment of the Silicon Valley Poll was released on October 12, 2021, and will subsequently be released on an annual basis.
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2022 Silicon Valley Index
An incongruous set of contradictions are still a common theme in Silicon Valley, according to the 2022 Silicon Valley Index, released by Joint Venture’s Institute for Regional Studies. Employment rebounded to pre-pandemic numbers and tech jobs went up 4%. VC hit new records, start-ups were brisk, and there were more IPOs than in any other year this century. Yet, health and wealth disparities were stratified by race and ethnicity.
Learn more about the Silicon Valley Index online at www.siliconvalleyindicators.org.
2021 Silicon Valley Poll
According to the Silicon Valley Poll, Bay Area residents (65%) feel a strong sense of belonging to their region. Yet the majority believe the quality of life has grown worse. More than half (56%) plan to move out of the Bay Area in the next few years. The poll was placed in the field by the Institute for Regional Studies in partnership with the Bay Area News Group.
Unemployment Data Release - January 21, 2022
The employment rate in the Silicon Valley region is now on par with mid-March 2020, just prior to shelter-in-place orders for the Bay Area. Silicon Valley employers added more than 10,300 workers between mid-November and mid-December and the unemployment rate dropped to 2.9%, according to analysis by Joint Venture’s Institute for Regional Studies.
Silicon Valley Commercial Space - Q3 2021
The Institute’s latest quarterly commercial real estate report prepared in partnership with JLL Silicon Valley showed leasing activity in the Silicon Valley market has become less volatile in the third quarter and investment activity is brisk.
Silicon Valley Multifamily Housing - September 16, 2021
The Silicon Valley Multifamily Housing report provides a snapshot of the trends in the region’s housing market for residential structures with more than one dwelling unit in the same building.
Economic Impacts to Residential Real Estate from Small Wireless Facilities - July 2021
This study focused on whether objective evidence in real estate sales records show residential real estate valuation impacts from small wireless facilities or “small cells,” concluded that small cell facilities do not have an appreciable effect on nearby property valuations. It was authored by David Witkowski, executive director of Joint Venture’s civic technology initiative and Ralph B. McLaughlin, chief economist and senior vice president of analytics at Haus.com.
