WHILE DISTANT CLOUDS OF CONCERN GATHER ON THE HORIZON, Silicon Valley observers continue to don rose-colored glasses as they assess the region’s economic performance in 2015—and you can’t blame them. Prosperity and abundance trumped fear and caution again last year. ¶ The region gained a total of 134,000 new jobs between mid-2014 and mid- 2015, and per capita income was up 5.6 percent last year, reaching $110,634. Venture capital funding of companies in Silicon Valley and San Francisco combined totaled $24.5 billion, up from $19.8 billion in 2014. ¶ “They are staggering numbers, really, and some are record breaking,” says Russell Hancock, president and CEO of Joint Venture Silicon Valley. “The only time we saw this kind of prosperity was 2000, but that was not real and it came crashing down a year later. But, in recent years, we have grown into this incrementally and it is based on solid ground.” ¶ We’re in an extremely strong economy, Hancock adds, based on the increases in jobs, income, commercial construction and the number of patents filed. » June/July 2016 45
South Bay Accent - Jun/Jul 2016
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