2011 Index of Silicon Valley - Silicon Valley Community Foundation
2011 Index of Silicon Valley - Silicon Valley Community Foundation
2011 Index of Silicon Valley - Silicon Valley Community Foundation
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ABOUT THE <strong>2011</strong> SILICON VALLEY INDEX<br />
Dear Friends:<br />
Two years after the start <strong>of</strong> the Great Recession, <strong>Silicon</strong> <strong>Valley</strong> is beginning to show some signs <strong>of</strong> economic recovery.<br />
We are seeing small gains in private sector employment as well as modest improvements in income. And yet we<br />
remain a region at risk.<br />
This year's <strong>Index</strong> also shows that gains in private sector employment are being <strong>of</strong>fset by job losses in the public<br />
sector, and we can only expect that trend to continue.<br />
The Special Analysis carefully examines the crisis facing local government and the problems are serious: city and<br />
county revenues, long under stress, have plummeted during the recession, and public services are being severely<br />
strained. The analysis documents underlying structural issues at the state and local level that have created these<br />
problems—problems that were masked during boom years but have now reached a crisis point.<br />
As a region, we have a choice. We can continue on our present course, in which modest improvements in the economy<br />
will not be enough to shore up the public sector, resulting in the loss <strong>of</strong> public services we currently take for granted.<br />
Or we can take steps to address the public sector financial crisis and find ways to keep investing in the education<br />
systems, infrastructure, health and safety, and community development that are essential to a healthy economy and<br />
our quality <strong>of</strong> life.<br />
If we fail, we risk a dangerous downward spiral in which a declining public sector leads to sharper declines in<br />
employment, which in turn creates an additional drag on our economic recovery.<br />
Most <strong>of</strong> the things we care most deeply about – the education <strong>of</strong> our children, the health and safety <strong>of</strong> our families<br />
and the creation <strong>of</strong> great places to live – depend on effective government. It is clear that our institutions <strong>of</strong> local<br />
government are at a critical juncture. It is also clear that we must work together to make difficult choices and at<br />
the same time explore new efficiencies and operating models responsive to the realities <strong>of</strong> the 21st century.<br />
Joint Venture and <strong>Silicon</strong> <strong>Valley</strong> <strong>Community</strong> <strong>Foundation</strong> are dedicated to improving the future <strong>of</strong> our region. This<br />
report provides the facts that can help us grapple with our choices and act on our priorities. We're pleased to provide<br />
this crucial information and anxious to move forward.<br />
Sincerely,<br />
Russell Hancock, Ph.D.<br />
Emmett D. Carson, Ph.D.<br />
President & Chief Executive Officer CEO & President<br />
Joint Venture: <strong>Silicon</strong> <strong>Valley</strong> Network<br />
<strong>Silicon</strong> <strong>Valley</strong> <strong>Community</strong> <strong>Foundation</strong>