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| Institute: latest on unemployment and commercial space |
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Silicon Valley unemployment rate decreases to 2.8%
Region rebounds after March losses |
| May 19, 2023 – The unemployment rate in Silicon Valley decreased month-to-month in April for the first time in 2023, dipping to 2.8% following a slight increase from mid-February to mid-March, according to analysis by Joint Venture Silicon Valley’s Institute for Regional Studies. The unemployment rate in the region is at its lowest since December of 2022, when it sat at 2.3%. Overall employment in the region decreased by more than 16,300 workers, while the number of unemployed persons decreased by more than 4,000. |
| Read the unemployment report |
| Commercial Space, First Quarter Report: layoffs and vacancies shift norm |
| New efficiencies at Silicon Valley companies are resulting in additional space available for sublease. With the backdrop of inflation, higher interest rates, and other economic woes, many of Silicon Valley’s tech giants have announced layoffs affecting tens of thousands of tech employees. Many companies also have made sweeping adjustments toward a more remote/hybrid work culture. Landlords appear to understand this shift as companies require smaller footprints. Overall, the number of construction completions were moderate in the first quarter and asking rents across most space categories have remained remarkably stable, considering persistently high vacancy rates. |
| Read the Commercial Space Report |
| Joint Venture hosts Bar Association for review of California’s New Climate Pollution Reduction Law |
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Robin Franz Martin, Executive Director of Joint Venture’s Food Recovery Initiative, welcomed the Santa Clara County Bar Association on May 11 to Joint Venture’s offices for a deep dive into Senate Bill 1383, the climate pollution reduction law.
Recently implemented, SB 1383 aims to reduce methane emissions from landfills, recover edible food for hungry people, and store carbon in soil via composting. The law, a sweeping attempt to significantly reduce methane, requires every jurisdiction in the state to provide organic waste collection services to all residents and businesses and to increase the recovery of edible food.
Franz Martin and Susan Miller-Davis, Associate Director of the Food Recovery Initiative, shared lessons learned through their work with local government programs, including the drafting of a model ordinance and management of the Santa Clara County Food Recovery Program, the entity tasked to implement the food recovery portions of the new law in all county jurisdictions. |
| Learn more about Joint Venture's Food Recovery Initiative |
| Joint Venture teams with jurisdictions to Close Digital Divide |
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David Witkowski, Executive Director of Joint Venture’s Civic Technologies Initiative, joined the Broadband for All, Digital Equity, and Broadband Equity, Adoption, and Deployment (BEAD) Regional Planning Workshop May 5th to tackle the prospect of an equitable digital future.
“Access to broadband is no longer a luxury, it is a necessity,” said Witkowski.
Free and open to the public, the well-attended workshop encouraged community members to make their voices heard. Participants included the Santa Clara County Office of Education, the County of Santa Clara, the City of San Jose, the California Department of Technology (CDT), the California Public Utilities Commission (CPUC), and other state agencies. |
| Learn more about the Civic Technologies Initiative |
| Joint Venture and partners re-imagine Santa Clara Street |
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On April 24, urban planning aficionados assembled at the Rotunda at San José City Hall Plaza to envision the possibilities for a new and improved Santa Clara Street. Hosted by Joint Venture, SPUR, and the City of San José, the Santa Clara Street Symposium considered the future of a downtown San José artery that will one day be on the newest BART line, proximate to the proposed Google Village, and adjacent to an upgraded Diridon Station which is being touted as the Grand Central Station of the West.
“It was a day of discovery and urban research designed to bring about a more welcoming and memorable public space,” says Russell Hancock, CEO of Joint Venture. For inspiration, planners enlisted Philippe Chiambaretta as their keynote. Chiambaretta is the founding partner of the design firm currently re-envisioning the historic thoroughfare.
The event kicked off an ambitious City-led planning process that will begin later in 2023 on a larger scale. |
| Learn more about downtown vision for San José |
| Bay Area transit staring down fiscal cliff |
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Joint Venture formed a partnership last year with Seamless Bay Area (SBA) to transform the Bay Area’s fragmented public transit into a unified, efficient, affordable, and sustainable system. Bay Area transit is currently facing a fiscal crisis to the tune of $6 billion if no additional public funding is identified.
SBA is pushing for immediate funding to help avert service cuts that would be devastating for transit. Polling shows that voters view transit as important but demand a more seamless system. Broader public engagement is slated to start this summer. Governor Newsom’s May Revision of the state budget proposal does not include vital funding for transit operations and retains deep cuts to transit capital funding.
SBA has also been advocating for a regional funding measure to help build back transit ridership with frequent, affordable, and well-coordinated service and much-needed governance reform.
"The cutting of service means it will fall hardest on those who have the least options. It's one more thing that would make living in the Bay Area harder and less affordable, and it may drive some people to have to leave the region entirely," Ian Griffiths, the Policy Director for Seamless Bay Area Transit said recently. |
| Learn more about Seamless Bay Area |
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May 21, 2023 - (Davis Vanguard) - Sunday Commentary: Yes, There Is a Housing Crisis – What Do We Do About It? a survey by Joint Venture Silicon Valley found that most people agree “that sky-high housing costs are a serious problem in the Bay Area.” More
May 20, 2023 - (San Jose Spotlight) - San Jose shrinks in population and desirability: Joint Venture Silicon Valley, a group that analyzes regional issues affecting the economy and quality of life, found that the top quarter of Silicon Valley’s earners harbor 92% of the wealth. More
May 19, 2023 - (Silicon Valley) - Bay Area rebounds with big April job gains, despite tech losses: “These are cheery numbers, and they confirm that we’re generally healthy,” said Russell Hancock, president of Joint Venture Silicon Valley... More
May 18, 2023 - (Silicon Valley) - San Jose no longer in Top 10 of most populous U.S. cities: Russell Hancock, president and CEO of Joint Venture Silicon Valley, a San Jose-based think tank, said he doesn’t view population change as a horse race. More
May 18, 2023 - (MSN) - San Jose no longer in top 10 most populous U.S. cities: "There is no prize for the largest city," said Russell Hancock, CEO of Joint Venture Silicon Valley. More
May 18, 2023 - (Hoodline) - San Jose Falls from Top 10 Most Populous US Cities in Potentially Troubling Trend: Russell Hancock, president and CEO of Joint Venture Silicon Valley remains optimistic... More
May 18, 2023 - (Hoodline) - Today's Massive Block Party Aims to Revitalize Downtown San Jose: a 2022 Joint Venture Silicon Valley report revealed that approximately 17.7% of Silicon Valley commercial offices remained vacant... More
This is just a tiny sampling of Joint Venture's frequent coverage in the national and local news media. Read all our news coverage. |
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