Silicon Valley job growth started to show a slowdown in 2000, thanks to the economic downturn kicked off by the dot-com bust. Employment increased by only 3 percent in 2000, compared to an annual average of 4.5 percent over the five previous years.
Then disaster struck. Silicon Valley jobs declined by about 200K in the three years following the 9/11 terrorist attacks, the first net job loss in nine years. Subsequently, the region had one of the highest average unemployment rates in the U.S. from 2002 through 2003. It was 8.5 percent in both years, while the national averages were 5.8 and 6.0 percent, respectively.
The good news is, as of early 2006, Silicon Valley had "rebooted" and its jobs were coming back. The region started adding jobs for the first time since 2001, spawning articles about a Silicon Valley hiring frenzy. In December, 2005, the region's unemployment rate was 4.4 percent while the U.S. national average was 4.9 percent.
Although good news, it's not surprising news. The region's employment situation has always recovered and then some after an economic downturn. The most-recent, crystal-ball forecasts at this writing, predict that nonfarm Silicon Valley jobs will increase by 473,200 from 2004 through 2006, and by 2,691,700 from 2002 through 2012.
In the absence of an economic crisis, in some cities such as Sunnyvale (coined "The Heart of Silicon Valley"), the odds are good that you could walk to the high-tech company next door on your lunch break and land a new job. Job hopping for higher pay, more bennies, perks or career advancement is the norm.
Despite economic downturns, in the long run Silicon Valley jobs are typically more abundant than in many regions of the U.S. Better yet, there are often more Silicon Valley jobs than local workers, which just as often creates a job-seekers' market.
Skills in science, healthcare, mathematics, engineering and information technology are among those in the highest demand for Silicon Valley jobs. Related industries are forecasted to be among those that experience the most job growth through 2006 and again through 2012.
But, the needs and desires of such a large, well-paid, techie population lays the foundation for thousands of jobs in other industries too, including low-tech and no-tech. Many job banks include Silicon Valley jobs among others. For several that focus on the region, see Silicon Valley Job and Career Sites.
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