New data show little proof that people are leaving the Bay Area in droves, instead detailing record investment in startups and booming market caps for Big Tech.
Despite reports of an exodus, Silicon Valley remains the tech capital of the world, with new data showing continued record investment in the industry in 2020 and no overall declines in jobs and population in the region. 59% of the people who have left the valley in the past few years have stayed in California, moving up or down the state. (Marketwatch)
Of the $123.6 billion in U.S. VC funding in 2020, $26.4 billion went to Silicon Valley, $20 billion to San Francisco, and $67 billion to California. The employment growth rate of the top 15 largest tech employers in Denver (14.7%) and Sacramento (14.5%) were nearly four times that of the Bay Area’s 3.7%. (Marketwatch)
The report showed record venture capital investment in Bay Area startups, along with booming market capitalizations for public tech companies and standard-setting initial public offerings. Amid fears of a tech-worker stampede out of the Golden State as companies allowed remote work, the population in Silicon Valley — defined as Santa Clara and San Mateo counties — was mostly flat for the year, rising 0.02%. (Marketwatch)
While an overall out-migration was tracked in San Francisco, the vast majority of those who left the most prominent city in the region last year remained in the state, according to U.S. Postal Service data crunched by the San Francisco Chronicle this week. That’s in line with what the Silicon Valley Index shows: 59% of the people who have left the valley in the past few years have stayed in California, moving up or down the state. (Marketwatch)