The Blubber

Per Market Watch

Silicon Valley's population has reverted back to 2013 levels after it lost 90,000 residents left the tech center since the start of the pandemic. Joint Venture Silicon Valley chief executive Russell Hancock says that there is an exodus.

From July 2021 to June 2022, there were a total of 43,800 residents who left Silicon Valley. This topped the numbers from mid-2020 to mid-2021, when 38,900 residents decided to leave.

An increase in housing prices and job numbers were also seen between 2021 and last year. The California Department of Finance released data that revelead that the combined decrease of the last four years totaled 97,800.

Hancock: “It’s clear that other regions are rising... But tech is all networked together. Think of Silicon Valley as a major node in a network of nodes.”

In June 2022, as massive Big Tech layoffs were announced, Silicon Valley could still add 88,000 jobs, with over 16,000 of them being in the tech industry.

Some Big Tech layoffs include Google's decision to let go of 1,800 employees in California. This came as part of the company's plan to layoff 12,000 employees from multiple locations.

While the national unemployment rate sits at 3.4%, Silicon Valley's unemployment rate is just 2%. Joint Venture's Institute for Regional Studies' director of research Rachel Massaro gave a statement on how many residents left and where most of them were headed.

Massaro: “In 2021, most of the outmigrants who left [the Bay Area] were going to other tech centers in nation... But in the last year, they were going to Reno and Miami-Fort Lauderdale.”

California has decided to ease down on its moves against COVID-19 as it has decided to no longer require K-12 kids to get vaccinated to go to school. The mandate could have seen 6.7 million schoolchildren get vaccinated.

See flow at unusualwhales.com/flow.

Other News:

• Google Starts Massive Layoff Plan by Letting Go of 1,800 Employees in California
• California kids won't need to get COVID-19 vaccinated for school, but mobile vaccination services remain available

Resources:

Market Watch