The Valley powered through 2008…right up until the last quarter. Now, incomes and employment are declining.
WSJ: The region’s growth halted in November and has since declined rapidly, said Russell Hancock, chief executive of Joint Venture Silicon Valley. “There was a feeling that Silicon Valley had special assets to help weather the crisis, but we now know we’re in for the same pain,” Mr. Hancock said. “We haven’t hit bottom yet and it will be a while.”
Among the bad news was that Silicon Valley posted a 1.3% drop in employment in December from a year earlier, the first time since 2005 that the area hasn’t continued a jobs revival. In addition, Silicon Valley’s per capita income declined 0.8% to $63,880 in 2008 while per capita income in the U.S. broadly rose 0.2% to $37,979. It was the first time since 2003 that the region’s per capita income fell, according to the study.
Full study below.