Silicon Valley Shines as Jobs Bounce Back
A thriving Silicon Valley sends a ripple effect through the local economy, according to Jeffrey Michael, director of the Business Forecasting Center at the University of Pacific, in Stockton, Calif. "Incomes that have been generated by the tech industry finally are fuelling growth in areas like restaurants and real estate," he said. "You can really see the impact in the whole economy -- it's boosting the whole region."
The San Francisco Chronicle, for example, reports that the median list price for a home in Palo Alto was $2.88 million in June, a 50% increase on the same period last year.
This is also proving to be a good year for tech companies taking the public plunge, even with the Facebook-induced lull in the IPO market. Recent examples include Santa Clara-based Palo Alto Networks(FB) , which enjoyed a successful IPO last month, and San Francisco-based Splunk(SPLK) , which burst out of the blocks on its debut in April.
It's not just in northern California, though, that tech firms are on the hiring trail. John McAdam, the CEO of Seattle-based F5 Networks(FFIV) , said in an interview that he's expanding his workforce. "This last quarter, we hired just under 100 people," he said. "This
--Written by James Rogers in New York.
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