Roughly 90,000 people left Silicon Valley during the first two years of the COVID-19 pandemic, according to an annual report that found a slowing...
An earlier version of this article misstated Silicon Valley’s population decline last year. The error has been corrected.
Roughly 90,000 people left Silicon Valley during the first two years of the COVID-19 pandemic, according to an annual report that found a slowing “exodus” has reverted the tech center’s population to 2013 levels. The effects of COVID-19 raised death rates in the region, with more than 3,300 Silicon Valley residents’ deaths caused by COVID-19 last year. But it also changed the nature of work, including where that work can be done, which allowed residents to move away from a high-priced region — with the majority staying in California but moving to other places in the Bay Area or more affordable outlying areas.
That reversed in 2022, with Rachel Massaro, director of research for Joint Venture’s Institute for Regional Studies, saying 8,000 foreign immigrants moved to Silicon Valley last year. That’s slightly lower than the 8,400 foreign immigrants who moved to the area in 2020. Silicon Valley’s population declined by 38,900 residents between mid-2020 and mid-2021, a record high, according to the index, then by 24,634 over the next 12 months as foreign immigrants began to return. The net domestic outmigration of 91,400 from July 2020 through July 2022 approached the number for the prior four years combined — 97,800 — according to recently released data from the California Department of Finance.
Despite recent news about tech layoffs, the index shows that in the past year through June 2022, Silicon Valley added 88,000 jobs, a 5% rate that outpaced the nation’s. More than 16,000 of those jobs added were in the tech industry. Silicon Valley’s unemployment rate is at roughly 2%, better than the national rate of 3.4%.
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