Silicon Valley Faces A Steep Climb Out Of The Recession.
February 11, 2010 9:41 AM
Silicon Valley Faces A Steep Climb Out Of The Recession.
According to a report by the Wall Street Journal, the annual report from the nonprofit joint venture: Silicon Valley Network and the Silicon Valley Community Foundation concluded that the Silicon Valley’s economy has a rough road to recovery.
Emmett Carson, CEO of the Silicon Valley Community Foundation, said that in the past, Silicon Valley recovered from downturns by shifting from being heavy in defense technologies to semiconductors, and personal-computer-related businesses, and then to the Internet, and other software but now it has become complacent.
Among the major issues is the shrinking job market, with 90,000 jobs disappearing between the second quarter of 2008, and the second quarter of 2009.
