SAN JOSE, California — Silicon Valley’s economy and job markets remain sturdy despite being jolted by a steady drumbeat of Bay Area layoffs orchestrated by tech and biotech companies, a new report released Tuesday states.
Yet the region has come to rely disproportionately on just a few companies, according to researchers for the 2023 Silicon Valley Index who determined that three firms — Google, Apple and Facebook owner Meta Platforms — account for nearly one out of every five tech jobs in Silicon Valley.
“The region recovered from pandemic job losses by April 2022,” the Silicon Valley Index report stated. “Unemployment hit a historic low.”
