A report by the Bureau of Labor Statistics shows that hiring in the Silicon Valley tech sector is down by 17 percent from 2000 to 2008. But wages for those who do manage to land a venture capital job are up by 36 percent.
The report, in a Time magazine blog, indicates that Silicon Valley firms are solidifying their position as a global nexis for innovation and entrepreneurial activity by bidding up the price of top talent, while outsourcing less critical jobs such as clerical and factory jobs. This basically translates into fewer, but more lucrative venture capital jobs in Silicon Valley.
Silicon Valley continues to be at the cutting edge of innovation. According to the U.S. Patent and Trademark Office, in 2008, 11 of the top 20 U.S. cities with the most registered patents were located in Silicon Valley.
Aerospace, pharmaceuticals and scientific research show the greatest growth in both employment and concentration in Silicon Valley and have the potential to be emerging leaders in the area’s economy, according to the U.S. Bureau of Labor.
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