Silicon Valley Job Growth Now Matches the Dot-Com Boom

Illustration for article titled Silicon Valley Job Growth Now Matches the Dot-Com Boom

While the rest of the US struggles out of the mire of recession, Silicon Valley is skipping towards a rosy sunset and cashing its generous pay checks. More so than ever, in fact—because a report suggests job growth in the Valley now matches the dot-com boom era. Uh, yay?

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The 2013 Silicon Valley Index found that employment growth in the region has returned to levels last seen in the late 1990s. In 2012, 46 percent of the Bay Area's 92,000 new jobs were found in Silicon Valley—and it boasted a growth rate of 3.6 percent compared to the state average of 1.7 percent. Joint Venture Silicon Valley president Russell Hancock says:

"This is prodigious job creation. The growth is crazy and it's getting crazier."

So, that's either thrilling or terrifying depending on your perspective. Of course, this time it'll be more sustainable than back in the 90s, right? Right. Of course. [Mercury News]

Image by Vladimir Mucibabic/ShutterStock

DISCUSSION

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Of course it's a bubble. The Silicon Valley of now is about the production of mostly pointless doohickeys. And more than ever, it's become the norm for companies to start with really no outlook whatsoever as to how they will make what they produce profitable, or if people even want or need it in the first place. The entire model is to get venture capital, create buzz, see if people start using your doohickey, and then hope that, however useless it (inevitably) is, is nevertheless develops a forward momentum of mindless consumption that is somehow, perhaps, monetize-able down the line. There couldn't be a clearer warning sign of bubble-dom.