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Data reveals how the COVID-19 pandemic fueled Silicon Valley's economic divide

Graphics illustrate the impact on public health, housing, labor market and more

A year into the pandemic, Silicon Valley has experienced historic losses and unprecedented gains as the virus has disproportionately impacted the area's poorest residents. Unemployment among the region's lowest earners reached nearly double the rate of the highest earners. And while the in-person jobs sector shrank, the tech industry experienced a banner year. Families facing housing insecurity reached an all-time high, while a hot real estate market outpaced pre-pandemic numbers.

To show how the pandemic has accelerated the region's economic divide, the Palo Alto Weekly, The Almanac and Mountain View Voice have woven together data based on Joint Venture Silicon Valley's State of the Valley report into a by-the-numbers graphic.

Sources

Information taken from data sourced in "2021 Silicon Valley Index," Joint Venture Silicon Valley, unless otherwise noted.

The virus: Health department dashboards from Santa Clara and San Mateo counties (cases, deaths, vaccines).

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Housing and necessities: U.S. Census Bureau, Household Pulse & Community Resilience Estimates (mortgage & rent); *MLS data January 2019 - March 2021 for Midpeninsula, courtesy Realtor Xin Jiang (median sales price, homes sold); CalFresh applications U.S. Census Bureau, Household Pulse Survey (food, health care, mental health); Silicon Valley Regional Response Funds (local relief).

Labor market: Employment Development Department year-over-year change in Santa Clara and San Mateo counties; U.S. Bureau of Labor Statistics Quarterly Census of Employment and Wages; United States Small Business Administration (PPP loans).

Tech boom: GDP Moody's Economy.com, 2020 (GDP); Venture Capital Thomson ONE, 2020 (venture capital); Renaissance Capital, 2020 (initial public offerings); *Market Watch "Big tech is swallowing the rest of Silicon Valley, by Jon Swartz (cumulative sales); JLL/ Analysis: Silicon Valley Institute for Regional Studies (commercial development).

Economy *California State Budget, ebudget.ca.gov (state budget); *city of Palo Alto, 2020.

*Information not included in "2021 Silicon Valley Index."

Read more stories:

Living 6 feet apart: Here's what Midpeninsula residents are taking away from a year of life in a pandemic

Locals share their experiences of life under the COVID-19 pandemic and takeaways from this hopefully not-to-be-repeated year.

One year in, here's how the pandemic has changed us

As the Bay Area marks one year since the first stay-at-home order, locals reflect on the hardships, perspectives gained and silver linings.

Find comprehensive coverage on the Midpeninsula's response to the new coronavirus by Palo Alto Online, the Mountain View Voice and the Almanac here.

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Data reveals how the COVID-19 pandemic fueled Silicon Valley's economic divide

Graphics illustrate the impact on public health, housing, labor market and more

by / Palo Alto Weekly

Uploaded: Fri, Mar 19, 2021, 1:42 pm

A year into the pandemic, Silicon Valley has experienced historic losses and unprecedented gains as the virus has disproportionately impacted the area's poorest residents. Unemployment among the region's lowest earners reached nearly double the rate of the highest earners. And while the in-person jobs sector shrank, the tech industry experienced a banner year. Families facing housing insecurity reached an all-time high, while a hot real estate market outpaced pre-pandemic numbers.

To show how the pandemic has accelerated the region's economic divide, the Palo Alto Weekly, The Almanac and Mountain View Voice have woven together data based on Joint Venture Silicon Valley's State of the Valley report into a by-the-numbers graphic.

Sources

Information taken from data sourced in "2021 Silicon Valley Index," Joint Venture Silicon Valley, unless otherwise noted.

The virus: Health department dashboards from Santa Clara and San Mateo counties (cases, deaths, vaccines).

Housing and necessities: U.S. Census Bureau, Household Pulse & Community Resilience Estimates (mortgage & rent); *MLS data January 2019 - March 2021 for Midpeninsula, courtesy Realtor Xin Jiang (median sales price, homes sold); CalFresh applications U.S. Census Bureau, Household Pulse Survey (food, health care, mental health); Silicon Valley Regional Response Funds (local relief).

Labor market: Employment Development Department year-over-year change in Santa Clara and San Mateo counties; U.S. Bureau of Labor Statistics Quarterly Census of Employment and Wages; United States Small Business Administration (PPP loans).

Tech boom: GDP Moody's Economy.com, 2020 (GDP); Venture Capital Thomson ONE, 2020 (venture capital); Renaissance Capital, 2020 (initial public offerings); *Market Watch "Big tech is swallowing the rest of Silicon Valley, by Jon Swartz (cumulative sales); JLL/ Analysis: Silicon Valley Institute for Regional Studies (commercial development).

Economy *California State Budget, ebudget.ca.gov (state budget); *city of Palo Alto, 2020.

*Information not included in "2021 Silicon Valley Index."

Read more stories:

Living 6 feet apart: Here's what Midpeninsula residents are taking away from a year of life in a pandemic

Locals share their experiences of life under the COVID-19 pandemic and takeaways from this hopefully not-to-be-repeated year.

One year in, here's how the pandemic has changed us

As the Bay Area marks one year since the first stay-at-home order, locals reflect on the hardships, perspectives gained and silver linings.

Find comprehensive coverage on the Midpeninsula's response to the new coronavirus by Palo Alto Online, the Mountain View Voice and the Almanac here.

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