| Data Release: |
| Unemployment nudges slightly lower |
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Silicon Valley’s unemployment rate fell slightly in April to 4.9%, according to analysis by Joint Venture’s Institute for Regional Studies. The downward tick of two-tenths of a percentage point represents an additional 2,600 jobs restored to the economy in the month of April.
“It’s not happening as fast as we would like,” said Rachel Massaro, the Institute’s director of research, “but don’t forget that number was nearly 12 percent only a year ago.” The sectors with highest month-over-month job gains included Leisure & Hospitality (primarily restaurants) Health Care & Social Assistance, and Construction. |
| Read the release |
| Joint Venture-backed emissions bill moves forward |
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Senate Bill (SB) 582, which would establish California’s first-ever statutory net-negative emissions goal, has cleared a key hurdle in Sacramento. The bill, with strong backing from Joint Venture, sets aggressive greenhouse gas reduction targets that are 80 percent below 1990 levels.
“The bill doubles our state’s ambitions,” explained Barry Vesser, who leads Joint Venture’s Climate-Safe California initiative. “The author (Senator Henry Stern, Calabasas) also wrote in social justice and equity measures, focusing investments on vulnerable communities.”
The bill has been forwarded out of the Senate Environmental Quality Committee and goes next to the full Senate for approval. |
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Dr. Rakesh Chaudhary was named physician in chief at Kaiser Medical Center in Santa Clara just days before the world imploded with COVID-19. “It seems so long ago, but also like yesterday,” says Dr. Chaudhary. “Several of us were talking about a virus that was coming our way and literally two days later our first case landed at the hospital here. Suddenly we were standing on the epicenter.” Santa Clara County had the first recorded US death from COVID.
Dr. Chaudhary also took a seat on the Joint Venture board of directors in 2020. “I love being able to contribute in a different way than in medicine, and working with Joint Venture has given me an opportunity to do that.” |
| Read Rakesh's profile |
| Institute Report: |
| 15 million square feet of commercial space in progress |
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Joint Venture’s Institute for Regional Studies released its quarterly update on commercial space, in partnership with JLL. The report shows that commercial leasing activity in Silicon Valley was slow during the first quarter of 2021, with fewer than 100 transactions in total. A handful of large commercial buildings were completed despite the slowdown, but an impressive 15 million square feet remains in progress.
The quarter marked the first notable rise in asking rents for industrial, lab, and R&D space since the pandemic. But vacancy rates for office and R&D space rose as well, likely as a result of continued pandemic-related telework and uncertainty. In contrast, industrial space vacancy rates remained relatively stable—bolstered by increases in online spending and the need for goods warehousing and delivery space. |
Read the report
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| Joint Venture prepares for SB 1383 and tackles food waste |
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The Silicon Valley Food Recovery Council, a group convened by Joint Venture, is working with regional leaders of food recovery organizations and local jurisdictions to implement Senate Bill 1383. Passed in 2016, the bill requires local jurisdictions to conduct education and outreach on organics recycling to all residents, businesses (including those that generate edible food that can be donated) haulers, solid waste facilities, and local food banks and other food recovery organizations. Joint Venture is coordinating compliance throughout Santa Clara County.
Joint Venture and the Council have announced a partnership with San Jose Conservation Corps to deploy ten Climate Action Corps Fellows to the effort. The fellows will help local businesses navigate the new regulations and apply a systems approach to their food surplus. |
| Learn more |
| Joint Venture participates in AmazonSmile |
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| Joint Venture is now participating in the Amazon.com AmazonSmile program. Every time you shop at AmazonSmile.com, a portion of your sales (0.5) goes to support our work. AmazonSmile is a simple and automatic way for you to support Joint Venture every time you shop, at no cost to you. When you shop at smile.amazon.com, you’ll find the exact low prices, vast selection, and convenient shopping experience as Amazon.com, with the added bonus that Amazon will donate a portion of the purchase price to support Joint Venture’s work in your community. |
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May 20, 2021 - (Patch) - Venture Capitalist Bringing Green To Downtown San Jose: Dillabough addressed a roundtable hosted by Joint Venture Silicon Valley about downtown's future... More
May 19, 2021 - (Silicon Valley Business Journal) - Latinx and philanthropic groups combine efforts to back targeted $10M fund: In San Mateo and Santa Clara counties, those who identify as Hispanic or Latino comprise 24.7% of the population, according to the Silicon Valley Institute for Regional Studies. More
May 19, 2021 - (Stanford News) - Stanford supports community projects to address pandemic challenges, in collaboration with Silicon Valley Community Foundation, Joint Venture Silicon Valley...Seeking to tackle the drivers of systemic inequity in Silicon Valley... More
May 19, 2021 - (San Jose Spotlight) - Venture capitalist bringing green to downtown San Jose: Gary Dillabough addressed a roundtable hosted by Joint Venture Silicon Valley about downtown’s future, including the developments he and business partner Jeff Arrillaga purchased in the last decade. More
May 18, 2021 - (KPIX-TV) - COVID Reopening: Santa Clara County Latest To Enter Least-Restrictive Yellow Tier: “I’m imagining a world in which vaccination becomes a requirement,” said Russell Hancock, CEO of Joint Venture Silicon Valley. . More
May 18, 2021 - (Yahoo News) - Silicon Valley Business Required to Track Employees' Vaccination Status: "It's easy to imagine is because we already have the historical precedent for it," said Russell Hancock, CEO of Joint Venture Silicon Valley. "It is a requirement. Vaccination is a requirement for public schools, other public institutions.. More
May 12, 2021 - (San Jose Spotlight) - San Jose mayor, housing advocates talk post-pandemic housing: The affordable housing roundtable included Rachel Massaro, vice president of local think tank Joint Venture Silicon Valley... More
May 8, 2021 - (New York Times) - Seeing the Real Faces of Silicon Valley: During the depths of the pandemic, four in 10 families in the area with children could not be sure that they would have enough to eat on any given day, according to an analysis by the Silicon Valley Institute for Regional Studies. More
May 3, 2021 - (San Jose Spotlight) - San Jose airport grapples with fewer passengers: “Revenues were completely savaged,” said Russell Hancock, president of nonprofit economic think tank Joint Venture Silicon Valley. “But because of enlightened fiscal management, they had emergency funds in place so they could keep the airport operating. More
April 30, 2021 - (Forbes) - The Case For California: Why Stories About The Golden State’s Demise Are Overblown - “In other places, a failed venture can become this badge of shame that shadows you your entire life,” said Russell Hancock, president of Joint Venture Silicon Valley, a Bay area non-profit organization. More |
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