Silicon Valley Index shows the misery and triumph of the world's tech capital

CNET | 2/13/2019 | Stephen Shankland
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Venture capital exploded in Silicon Valley and San Francisco in 2018.

Living at the center of the tech universe? Well, I have some good news and some bad news.

News - Silicon - Valley - Technology - Jobs

The good news is that Silicon Valley is thriving economically, generating new technology and good jobs. The bad news is that, for all its world-changing innovation, it's becoming an even worse place to live.

"We're a massively dysfunctional region," said Russell Hancock, president and CEO of Joint Venture Silicon Valley. The struggles are revealed in the latest annual assessment of the area, the 2019 Silicon Valley Index, which his nonprofit published Wednesday.

Transportation - Nation - Thing - Housing - Costs

"We've got the worst transportation in the nation, and we're not doing a single thing about it. We've got the highest housing costs in the nation and we don't seem to be doing anything about that, either," Hancock said. One result: For the third year in a row, more people left the area in 2018 than arrived, he said.

It's a profound quandary for residents of Silicon Valley and the San Francisco Bay Area more broadly. No place is perfect, but the problem puts sand in Silicon Valley's economic engine.

Companies - Difficulties - Employees - Prospect - Mortgages

Companies have difficulties attracting and retaining employees who blanch at the prospect of multimillion-dollar mortgages and soul-sucking commutes. Facebook, Apple and Google can compensate with high salaries, but that doesn't help the teachers, policemen, waiters and others not on a tech-industry budget, and it means kids have a harder time getting started without wealthy parents.

"The irony is we invented the technology that created the problem," Hancock said. Computerization has replaced armies of assistants, junior staffers and service personnel.

Venture - Silicon - Valley - Mayors - Businesspeople

Joint Venture Silicon Valley, which has regional mayors, businesspeople and educators on its board, has tracked Silicon Valley's social, economic and business trends since 1995. It counts a range of cities in its definition of Silicon Valley stretching...
(Excerpt) Read more at: CNET
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