News

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).

What's local journalism worth to you?

Support Palo Alto Online for as little as $5/month.

Join

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.

Stay informed

Get daily headlines sent straight to your inbox.

Stay informed

Get daily headlines sent straight to your inbox.

Follow Palo Alto Online and the Palo Alto Weekly on Twitter @paloaltoweekly, Facebook and on Instagram @paloaltoonline for breaking news, local events, photos, videos and more.

Stay informed on important city government news. Sign up for our FREE daily Express newsletter.

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, 6:56 am

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.

Comments

Native to the BAY
Registered user
Old Palo Alto
on Mar 19, 2021 at 4:36 pm
Native to the BAY, Old Palo Alto
Registered user
on Mar 19, 2021 at 4:36 pm

Interesting that this being a local and news group effort, not more details about what precisely The City of Palo do to assist low income residents. Alta housing I am sure had to shutter it family on site programming as did other area housing 501(c)3. As for the complex I am, the community room has been shuttered for over a year, no wifi work, computer, printer access. Additional bathrooms remain closed as well as the on-site Gym. Not one City leader has been vocal about the economic impact of cashless residents. Seems plenty of perishables food but no cash cards, or other money for car repair needs, car/renters insurance, phone bills. I’ve called Lifemoves three times over the last year and no one has returned my call. All city workers could be really be directed to work to help those in desperate need (County mandated ). Helping translate, decipher paper-work, taking the lives of our own seriously in this emergency. The City has been just shuttered and shuffling any help to overwhelmed non profit, Lifemoves. PA City employees have been paid thier regularly salaries all year with tax payers money yet have done zero to help move the Pandemic out — pushing screens around and double clicking is about all. Thanks for nothing. PAUSD gets an A for quick thinking, action response. City of Palo Alto gets a D in this resident’s grade book. The City of Palo Alto left the fringe residents out to blow around in COVID .


Native to the BAY
Registered user
Old Palo Alto
on Mar 19, 2021 at 4:40 pm
Native to the BAY, Old Palo Alto
Registered user
on Mar 19, 2021 at 4:40 pm

Interesting that this being a local and team news group effort, not more details about what precisely The City of Palo is doing to assist low income residents. Alta housing I am sure had to shutter its family on site programming as did other area housing 501(c)3. As for the complex I am residing, the community room has been shuttered for over a year, no wifi to look for work, no access to computers, printer access. Additional bathrooms remain closed as well as the on-site Gym. Not one City leader has been vocal about the economic impact of cashless residents. Seems plenty of perishables food but no cash cards, or other money for car repair needs, car/renters insurance, phone bills. I’ve called Lifemoves three times over the last year and no one has returned my call. All city workers could be really be directed to work to help those in desperate need (County mandated ). Helping translate, decipher paper-work, taking the lives of our own seriously in this emergency. The City has been just shuttered and shuffling any help to overwhelmed non profit, Lifemoves. PA City employees have been paid thier regularly salaries all year with tax payers money yet have done zero to help move the Pandemic out — pushing screens around and double clicking is about all. Thanks for nothing. PAUSD gets an A for quick thinking, action response. City of Palo Alto gets a D in this resident’s grade book. The City of Palo Alto left the fringe residents out to blow around in COVID .

Seriously. how the city is getting away with distance meetings snd how this applies to The brown Act? There is no plan in place to re-open services gor tax payers or clear guidance... lame.


Don't miss out on the discussion!
Sign up to be notified of new comments on this topic.

Post a comment

Sorry, but further commenting on this topic has been closed.