Unemployment in San Jose Metro hits record low

According to the California Employment Development Department, unemployment in Santa Clara County has dropped to 2.1%. This is the lowest number on record, and that includes the .COM days in 1998-2000.

The six counties with the lowest unemployment in California are all here. San Mateo managed a jaw-dropping 1.7%, San Francisco was at 1.9%, Marin was at 1.9% Sonoma came in at 2.3%, and Napa rounds out the top 6 at 2.3%. This compares to a statewide unemployment rate of 3.5%.

This means that now is probably a great time to ask for a raise or evaluate all of your opportunities. It has become a strong employee's market with more available jobs than qualified applicants.

Source: SVBJ

San Jose holds 3rd place in US solar rankings

We just hit the highest level of atmospheric carbon dioxide in 3 million years. Fortunately, some cities are doing their part to reduce CO2 as much as possible. San Jose has the highest per-capita electric vehicle adoption of any major city in the United States and now we are 3rd when it comes to per capita solar adoption.

Only sunny San Diego and Honolulu (where electricity rates are insane) are ranked higher than San Jose. San Francisco came in 20th place.

As the prices of solar systems drop and electricity becomes more expensive, hopefully adoption of clean energy will continue to rise.

Source: SJ Economy Blog

San Jose ranked 2nd best small business growth city

For the 2nd year in a row, San Jose was ranked as the 2nd best metro for small businesses in the US.  The analysis was based on the financials of almost 30,000 companies. San Jose also had the highest average credit score of any city.

Miami took the crown for being the #1 growth city for small business, while San Francisco came in 3rd place. Below is the full list.

Top 25 Cities for Small Business 2019

1. Miami (No. 3)
2. San Jose, CA (No. 2)
3. San Francisco (No. 4)
4. New York (No. 1)
5. San Diego (No. 9)
6. Los Angeles (No. 5)
7. Boston (unranked)
8. Sacramento, CA (No. 10)
9. Baltimore (No. 16)
10. Washington, DC (No. 7)
11. Philadelphia (No. 22)
12. Chicago (No. 12)
13. Seattle (No. 14)
14. Riverside, CA (No. 6)
15. Minneapolis (unranked)
16. Phoenix (No. 11)
17. Las Vegas (No. 18)
18. Charlotte, NC (No. 24)
19. Nashville, TN (unranked)
20. Raleigh, NC (unranked)
21. Detroit (No. 20)
22. Oklahoma City (unranked)
23. Houston (No. 21)
24. Cleveland (unranked)
25. Pittsburgh (unranked)

Source: SJ Economy Blog

San Jose is the 8th Happiest City in the US

WalletHub crunched the numbers and evaluated the 180th largest US cities to find the happiest people in America. There were 31 indicators of happiness including depression rates, income growth, life expectancy, rate of illness & disability, participation in sports, and overall leisure time. San Jose made it to the 8th spot on the list. The only local city that beat us was Fremont at 4th place. San Francisco was two spots below us to round out the top 10.

Source: WalletHub, hat tip to Barclay Livker for sending this in

The San Jose metro is the most "equity-rich" in the county

Of all the metro areas in the US, San Jose has the highest percentage of "equity-rich" homes at 72%. Equity rich means your loan-to-value ratio (LTV) is heavily weighted towards value. For example, if you have a loan for $300,000 and the home is worth $1 million, there is $700,000 in equity there and that would be considered equity-rich.

More than 7 out of every 10 homes in San Jose now fall into this category. In comparison, the San Francisco metro came in second at 61%. California has the highest share of equity-rich homes of all states, and came in at 39%.

Even more impressive, eight of the top 10 equity-rich zip codes in the USA are in San Jose. In the top 100, 85 of the top zip codes are in the Bay Area.

Yes, this is a very expensive place to live... but for those lucky enough to own their own homes there is some reassurance that you can either tap equity as needed or move to a less expensive place and live like someone that won a small lottery.

Source: SVBJ

San Jose is the 3rd most educated city in the US

It should come as no surprise that a region overflowing with tech talent is also one of the most educated in the country. The San Jose metro ranked third when it comes to education. The study looked at the 150 largest metros and evaluated the number of adults with college degrees as well as the quality of schools in the region. Ann Arbor came in 1st place, followed by the DC area. SF/Oakland came in 5th and New York was 29th.

Source: WalletHub, thanks to Barclay Livker for sending this in!

San Jose is the 4th-best city for startups

Business.org crunched several factors such as the percentage of the population with advanced degrees, unemployment rates, startup growth rates, and rents to come up with the best cities in the US for startups. Despite having insanely high rents, San Jose still came in 4th place. SF took the top spot, followed by Austin and Minneapolis.

The percentage of young adults may have also been a factor that worked in other cities' favor. This was a criteria since this demographic tends to be early adopters. For the full list click the source link below.

Source: SVBJ

San Jose is the 8th most diverse city in the US

Anyone who grew up here can tell you that San Jose is a melting pot of cultures. Now we have a way to better quantify it. A new study by WalletHub compared the 501 most populous US cities across ethnoracial diversity, linguistic diversity, and birthplace diversity. After crunching all the numbers we came in 8th place (3rd place if you only look at big cities). San Jose also had the 2nd highest linguistic diversity rank in the nation. Oakland just slightly edged us out at #7 while San Francisco came in #12.

Source: WalletHub, thanks to Barclay Livker for sending this in!

Saturday Stats: San Jose is the most expensive city to move to

Unfortunately, not all of our top stat rankings are positive. Even though the San Jose metro has the highest median salaries in the country, we also have some astronomical living expenses. 24/7 Wall St. did a study on moving costs, and we won--in a bad way. The San Jose metro is the most expensive area in the country to move to with an average total moving cost of $5,798. Despite that, our population continues to grow year after year (there are many other reasons to move here despite the costs).

Source: 24/7 Wall St., hat tip to Barclay Livker

Saturday Stats: 2017 Meta Post

It's that time of year again to look back and see the top "Saturday Stats" of 2017. The list is pretty impressive yet again. San Jose ranked as the top city for productivity, tech jobs, and economic momentum. Happiness and health are also up there. 

You can also see the full list of "Saturday Stats" (including previous years) with article links over here.

Your eyes will melt when you see how much income is needed to buy a house in San Jose

The average annual income you need to buy a home in the United States is $55,390. That is already an insane amount for most of the globe. In New York City that figure doubles to $99,151. San Francisco more than triples the national average with a staggering $173,330. Unfortunately, San Jose takes the national crown in one of the few stats we don't want to dominate. Brace yourself... to buy a medium priced home in San Jose today--you should be making $216,181 each year. Oh, and that is assuming you have the capital saved up for a 20% down payment. Um, ouch!

Source: SiliconBeat

San Jose is an electric vehicle "capital city"

I'm a huge advocate of electric cars, especially since I love tech gadgets and breathing air outside. I ran across the following info on a site completely unrelated to San Jose. It turns out that in 2016 we had one of the highest percentage of EV (electric vehicle) sales in the world. 10% of all cars sold in the San Jose area are pure-electric and over 15% have some sort of electrification (includes hybrids and plug-in hybrids). The percentage of EVs in new sales in San Francisco was 6% and in New York it was an embarrassing 1%.

We are also one of the 20 EV "capital cities" which make up 40% of all the EV sales in the world. This is by pure volume versus percentage, so larger cities have an obvious advantage.

To me, this makes perfect sense since we are a land of innovators and early-adopters. Tesla even opened their first "store" in San Jose (Santana Row). I remember when 1,000 people lined up there to reserve a Model 3 last year. With several new inexpensive long-range electric cars coming out in 2018, I think we will continue to be the leader in the transition to zero-emission transit.

Source: Teslarati

San Jose is the #1 Best Place for Tech Jobs

In what should come as no surprise, San Jose took the top spot again in Nerd Wallet's annual study of best cities for tech jobs. They looked at the largest 381 US metros and evaluated the percentage of jobs in tech, annual median wage for tech jobs, and gross rent. Despite having astronomical housing costs, we still came in way ahead of the competition. We have about double the number of tech jobs per capita as any other city in the top 10 and our median annual tech salary blew away every other city at the top of the list. Even SF was a distant 9th place.

Source: Nerd Wallet

Saturday Stats: San Jose is the 5th Best City for Women

Sadly, gender inequality is still a current issue in the US (and most of the world). Fortunately, San Jose ranks highly when it comes to the best cities for women in the country. 24/7 Wall St. looked at multiple metrics including gender pay gaps, college attainment, life expectancy, and insurance rates for women. After computing all of these metrics, we came in 6th place. Even then, women on average are only earning 74.6% of men. San Francisco fared even better and came in at 2nd place.

Unrelated tho the article, one positive sign that things are moving in the right direction is new legislation will go into effect in California next year. For example, employers will no longer be able to ask what your salary history is during job interviews as it may bias towards paying based off the past salary and not what a new hire should be making for the role.

Source: 24/7 Wall St., thanks to Barclay Livker for sending this in!

Saturday Stats: San Jose is the 6th Happiest City in the US

A recent study established 15 metrics that contribute to happiness and used them to rank the largest metros in the US in terms of happiness. These metrics range from eating healthy, education, financial security, and vacation time. San Jose came in at a very respectable 6th place of all cities in the US. San Francisco ranked 17th. Boulder took the top spot followed by Santa Cruz (not surprising).

Source: National Geographic, thanks to Barclay Livker for sending this in!

Saturday Stats: SJC is the 4th fastest growing airport in terms of international travel

We went from a couple to nine international routes in what seems like no time at all. Based on international passengers, San Jose had the 4th fastest growing airport in the country between 2012 and 2016.

I would actually argue that we led the country in international growth. Reno, Austin, and Columbus were the top three and all of them had almost 0 international travel in 2012. When you take a number close to 0 and add anything to it, you are going to get a very large percentage. San Jose went from 84,000 international passengers in 2012 to 330,400 in 2016. That growth of quarter million passengers is not only far more than any other airport on the top 10, but it is greater than the rest of the top 5 combined.

SJC also had more passengers in 2012 than any other airport on the list--the larger you are the more difficult it is to grow. This makes the growth SJC has shown even more impressive.

Source: SVBJ (requires subscription)

International Passengers

San Jose has the fastest-growing economy in California

The San Jose metro continues to grow despite already having one of the most booming economies in the US (and perhaps the world). The Center for Continuing Study of the California Economy (CCSCE) released a report last month showing that our GDP--essentially how productive each worker is--increased faster than any other region in California.

We grew our local economy by 5.9% while SF grew by 5.4%, Sacramento came in at 3% and LA at 2.1%. While this is a great indicator for jobs and salaries in the area, it also will continue to put upward pressure on housing costs. Overall this is a big win and shows that we are still on an upward trajectory.

Oh, and there was also a random fun fact in the report. If the Bay Area was a country (not Califonia, but just the 9-county Bay Area), we would have the 18th largest economy in the world just behind Turkey and surpassing the Netherlands.

Source: SVBJ, CCSCE

Saturday Stats: San Jose is the 2nd healthiest city in the US

San Jose ranked as the second healthiest city in the country thanks to very low rates of premature death rate, adult obesity rates, and uninsured adults. Our life expectancy is also 82.7 years, the highest in the country.

1st place went to Rochester, Minnesota while our neighbor San Francisco came in 14th place.

Source: 24/7 Wall St., Hat-tip to Barclay Livker for sending this in!

Saturday Stats: San Jose has momentum

JLL released a report earlier this year stating that the San Jose metro has the strongest "momentum" in the country when it comes to the economy and commercial real estate. Momentum is comprised of 42 factors grouped into three categories--socioeconomic momentum, commercial real estate, and the region's ability to maintain momentum over the long term. Here is a deeper breakdown:

• Socioeconomic momentum
• Gross Domestic Product
• Population
• Corporate HQs
• Foreign direct investment
• Commercial real estate
• Commercial space absorption
• Construction
• Rents
• Investment in office, retail, and hotels
• Region's ability to maintain momentum over the long term

After everything was computed, the San Jose metro was by far the leader in the report. Austin came in second and San Francisco did not even place in the top 10 (it was #21).

Source: SVBJ

Saturday Stats: San Jose is one of the best places to live

In a U.S. News report, the largest 100 metros were analyzed to determine the best place to live in the country. The key criteria were desirability, value, job market, quality of life, and net migration. San Jose took 3rd place, behind Austin (#1) and Denver (#2). SF came in at #16.

Sources: SVBJ, U.S. News