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Peninsula economy update: Jobs, population growth continue pressure on housing and transit

July 2018 Economic UpdateJuly 16, 2018 The Joint Venture Silicon Valley Institute for Regional Studies reported today that the strong Silicon Valley economy continues to impact the Peninsula sub-region as employment and population growth further strain housing and transit.

With unemployment well below state and national levels and a wave of companies announcing expansions, housing prices and rents have surged faster than wages, and housing construction has lagged behind the added population, says the Peninsula economy update.

The report, which identifies the Peninsula sub-region as Santa Clara, San Mateo and San Francisco Counties, also notes that roadway congestion continues to worsen even as Caltrain ridership has increased.

“Companies are voting with their plans and dollars that Silicon Valley is where they want to expand, despite our housing and transportation challenges,” said Stephen Levy, senior economist for the Institute and director of the Center for the Continuing Study of the California Economy.

While the rate of economic growth has slowed recently, the Peninsula remains a growth leader, the report finds. The region has added 600,000 residents to the workforce during the past ten years.

Job growth in recent months has been in the 40,000 to 60,000 range. Unemployment rates in April 2018 were 2.2 percent in Silicon Valley, 2.5 percent in the Bay Area, 4.2 percent in California and 3.9 percent in the U.S.

Download the report

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The Silicon Valley Institute for Regional Studies provides research and analysis on a host of issues facing Silicon Valley’s economy and society. The Institute is housed within Joint Venture Silicon Valley. For more information, visit www.siliconvalleyindicators.org.

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