2020 Silicon Valley Index

The Joint Venture Silicon Valley Index has been providing insights on our strengths, weaknesses, opportunities, and threats for over 20 years. It provides an honest and holistic view of life in Silicon Valley, with the obvious exception that it was published before COVID-19. It's worth reading for a reminder of where we were at the start of 2020. We can use today's events as a chance to reflect on what we can do differently when we hopefully return to normalcy sometime later this year.

You can download the 2020 Silicon Valley Index over here.

Below are a few items that stood out for me:

• We have had nine continuous years of expansion since the last recession, adding 821,000 jobs in the Bay Area.
• Over that same time period, we only permitted 173,000 new homes and have 100,000 megacommuters [Josh: hopefully the option to work remotely continues for many post-COVID].
• Labor productivity reached a record $241,000 per worker, a 53% increase from 2001.
• Unemployment hit 2.1%, a 19-year low.
• More people are leaving the region than coming in.
• Home prices declined 6% in 2019, yet median home sale prices are still the highest in the country (over $1 million).
• Income inequality hit a historic high with 13% of households holding 75% of the region's wealth.
• Internet speeds are slow compared to SF, California, and the country as a whole [Josh: this is shocking for living in the middle of Silicon Valley].
• Individual median income is $117,000 and 82% of the population is above 150% of the poverty level.
• Silicon Valley's ethnic breakdown is 35% Asian, 33% White, 25% Hispanic/Latino, 5% Multiple/Other, and 2% Black/African American.
• 24% of Silicon Valley residents have Graduate or Professional Degrees.
• 51% of families speak a language other than English at home (vs. 41% for SF, 45% for California, and 22% for the US).
• The Bay Area has by far the largest number of tech jobs and greatest % of people employed in tech out of any region in the US.
• 9% of Silicon Valley Residents lack access to adequate food and nutrition
• San Jose generates more patents than any other city in California (11% of all CA patents in fact).
• In 2019, traffic delays cost as much as $3.4 billion in lost productivity for Silicon Valley workers.