Job growth in Silicon Valley hit the highest numbers in a decade, outpacing California and the rest of the country and putting the tech capital on track for record expansion, according to new data.
The area added 42,360 jobs in 2012, accounting for nearly half the job growth in the Bay Area, according to the Silicon Valley Index, an annual report on the economic health of the region.
“We’ve actually put together three solid years of growth, that’s one thing that’s significant about the 2012 job growth,” Russell Hancock, president and CEO of the Joint Venture Silicon Valley, which co-produced the report with the Silicon Valley Community Foundation, told Inc.
Silicon Valley’s growth rate of 3.6 percent was far above the rate in California and the rest of the nation, which recorded 1.7 percent employment growth.
The report found that Silicon Valley exceeded its pre-recession employment levels by 4.6 percent. The rapid job creation harkens back to dot-com era.
The Index also highlighted the innovation advancements coming from San Francisco, which is joining Silicon Valley as a formidable tech hub. San Francisco added jobs at a rate of 3.7 percent last year.
“San Francisco today is a Silicon Valley story,” Hancock explained. “There is technology, social media, start-up companies, internet-based commerce. It’s attracting the hot, hip, happening young people, the creative class in their 20s. It’s also attracting a lot of venture funding and angel funding.”
The tech industry was not the sole creator of jobs, the Index found. Specialized services, community infrastructure, and healthcare and social assistance expanded hiring across their industries, as well.