I think it's pretty obvious from the massive amounts of traffic lately that the economic recovery is becoming quite fierce in Silicon Valley. The San Jose metro saw unemployment drop to 7.3% in March down from 9.1% the previous year. Unemployment in only Santa Clara county is now sitting at 7.1%. If you look at the entire state, the average unemployment is currently 9.4%. There was a long stretch of time where unemployment in the Valley surpassed the state average, so this is huge news.
Unlike the 2000 .COM crash and the 2008 burst of the bubble, there are no severe warning indicators that things are about to explode. Hopefully we have learning from our mistakes and the Silicon Valley job market and economy will continue to consistently improve for many years to come.