Silicon Valley last year shrank at a level not seen since the dot-com bust, the second consecutive year that a record number of residents departed and the fourth straight year of population declines, according to an annual report.
A net total of 47,800 residents moved out of the region from July 2021 through June 2022, just shy of the record number of 48,300 who moved out in 2001 after the tech bust. That’s according to the Silicon Valley Index, an annual look at the health of the region.
Despite the population decline, housing in the region continues to be expensive. Median home prices still rose 7% to a record $1.53 million in Santa Clara and San Mateo counties in 2022, making houses there more expensive than in San Francisco for potentially the first time ever, according to the report.
Steve Levy, director and senior economist of the Center for Continuing Study of the California Economy, told MarketWatch that the return of foreign immigration is key. What does all this mean for tech, the industry that dominates the region, and its labor force? Some Silicon Valley residents have moved to other growing tech regions in the past couple of years, as Joint Venture’s previous indexes have shown.
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