SAN JOSE — Silicon Valley’s job boom has hit a pause, and while the region is still adding workers, the pace of hiring in 2023 was markedly slower than what was the case the year before, a new report shows.
While hiring is slowing, median household income is on the rise, according to the new Silicon Valley Index 2024, a closely watched report that was released on Monday.
Despite the cross-currents, Silicon Valley’s economy remains relatively healthy, according to the new assessment from Joint Venture Silicon Valley, which released the new report on the region’s economic mosaic.
“This is still a growing economy,” said Russell Hancock, president of Joint Venture Silicon Valley, a San Jose-based think tank.
The upswings are occurring despite what has now become a dreary drumbeat of tech industry job cuts and retreats from the amount of office space they occupy.
Hiring has shifted into low gear in Silicon Valley, according to the Index 2024 report. The index defines Silicon Valley as Santa Clara County, San Mateo County, the southern Alameda County region that includes Fremont and a section of Santa Cruz County.
Over the one-year period that ended in June 2023, Silicon Valley added about 2,700 jobs, the Silicon Valley Index 2024 report determined. That’s a sharp slowdown from the 88,000 jobs the region added during the one-year period that ended in June 2022.