2016 State of the Valley: Jobs & Housing Prices on the Rise

Mar 22, 2016

At its 21st annual “State of the Valley” conference, Joint Venture Silicon Valley shared insights from its 2016 Silicon Valley Index, an annual overview that measures the health of the Silicon Valley economy and community across several metrics. Two key themes were highlighted – employment and housing – both of which align to Bank of America’s support of workforce development and affordable housing throughout the Silicon Valley community.

Workforce development continues to be a focal point for Bank of America. Through its community development grants program, Bank of America has supported nonprofit partners like Work2Future which gives jobs seekers the skills, exposure and opportunities to build their careers and the Santa Clara County Youth Works Program which provides youth summer job opportunities. While job growth has accelerated and unemployment has declined – according to the 2016 Silicon Valley Index the latter reached 3.6 percent at the end of last year – it’s still important to support these programs to ensure everyone is benefitting from the current economic climate.

Equally important is affordable housing. As outlined in the study, the median sale price of a Silicon Valley home reached just over $800,000 in 2015, more than double the median sales price in California, and the average rental reached $2,700. Bank of America partners such as Housing Trust Silicon Valley helps fill a void in the community by connecting residents with funds and resources to make home buying and maintenance more accessible.

Bank of America is committed to building thriving economies – a key part of which are programs that not only educate and inspire young people to build successful careers but also help families with home ownership. At the core, is the bank’s focus on developing strong partnerships with nonprofit organizations, who work tireless on the ground to serve our community’s needs. Bank of America brings collective networks and expertise together to help everyone grow and thrive here in Silicon Valley. Organizations such as Joint Venture Silicon Valley play a critical role in this process.

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