Silicon Valley has long been one of the primary economic engines of California and the nation. The region is internationally known for its technological innovation, well-educated workforce, and overall economic prosperity. Yet, much like the greater Bay Area and California as a whole, Silicon Valley is confronting widening income inequality as well as a shrinking middle class.
Yesterday the Budget Center released a report that examines the dimensions of income inequality in Silicon Valley and key trends over time. Inequality and Economic Security in Silicon Valley discusses:
- Why income inequality should matter to Silicon Valley
- What long-term income trends, going back to the late 1980s, have meant for the region
- How a “top heavy” recovery from the Great Recession has presented new challenges for low- and middle-income families in Silicon Valley
- How high costs of living in the region jeopardize broad access to good jobs
The report also looks at public policy solutions to growing income inequality in Silicon Valley, highlighting the role that state and local policies — especially concerning housing — can play in promoting inclusive economic growth in the region.
This new Budget Center report was made possible with the support of Silicon Valley Community Foundation.
— Steven Bliss