Employment was dominated by two giants, Apple and Alphabet, Google’s parent company.
Now Silicon Valley employment is concentrated in “some really, really big companies.”
The report paints a picture of remarkable business success that chiefly benefits those in the tech sector.
It sold more hardware, software and services, but often left others behind.
“We’re the most bifurcated economy in the United States.
“The pandemic only amplified these trends.”
The report covers Santa Clara and San Mateo counties, as well as parts of adjacent counties.
It generally excludes San Francisco, though it offers some data from the city for comparison.
It used theUniversity of Washington’s self-sufficiency standardto determine poverty.
The situation is worse for minorities.
The figure increases to 61% for Latinos and 46% for Blacks.
In contrast, big tech generates incredible wealth.
San Francisco startups garnered a further $50 billion in 2021.
