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Silicon Valley’s unemployment rate has inched up, but industries like hospitality and restaurants are still seeing growth despite employment fluctuating throughout the region. Local unemployment rose to 3% from April to May, nearly 1% higher than the same time last year, according to a recent report from Joint Venture Silicon Valley, which analyzes issues affecting quality...
Santa Clara County property values propel higher
The value of all real estate and business property in Santa Clara County jumped up by $41.2 billion last year, despite a contracting market in the latter half of 2022. That topline figure represents a 6.6% increase over the prior year, according to Santa Clara County Assessor Larry Stone’s 2023 Assessment Roll. Real estate and...
San Jose cannabis tax revenue takes a hit
San Jose cannabis tax revenue is poised to drop by millions this year, as black market competition and delivery services chip away at the willingness of consumers to pay more. According to projections in the city’s recently approved budget, recreational cannabis sold at one of San Jose’s 16 licensed dispensaries is set to generate about $15.8 million...
Santa Clara County makes cuts to tackle huge deficit
The Santa Clara County Board of Supervisors is cutting hundreds of vacant positions to close a looming deficit—paving the way for the passage of a $11.3 billion budget for 2023-24. Supervisors addressed the $120 million deficit last Thursday by not only cutting 600 positions, but also shifting more money into county reserves, totaling $218.6 million,...
The Biz Beat: Hula Bar and Kitchen a hit in downtown San Jose
Nine years ago, the Gorospe family began serving their unique mix of Filipino-Hawaiian food from their Hula Truck. It quickly expanded to concession stands at SAP Center and Levi’s Stadium, along with a regular gig at the Shoreline Amphitheater. In March, the family opened a restaurant in downtown San Jose. But no matter the location,...
UPDATE: San Jose eases rules on cannabis dispensaries
The San Jose City Council approved changes to existing regulations on dispensaries, expanding where they can set up shop and relaxing expensive annual audit requirements. The council had been discussing revisions since late last year after industry complaints that the strict rules effectively barred cannabis storefronts from being able to open in most of the...
Silicon Valley inequality persists four years in a row
A vast amount of wealth in Silicon Valley is concentrated in just a few households, while residents throughout the region struggle to afford basic needs. That’s according to the 2023 Silicon Valley Pain Index, an annual report put forward by researchers at San Jose State University. This year’s findings highlight how eight households in Silicon...
Full report: Silicon Valley Pain Index 2023
The Silicon Valley Pain Index is produced by the San Jose State University Human Rights Institute. The annual study focuses on racial discrimination and wealth inequality. The report was first published in 2020 following the murder of George Floyd by Minneapolis police and was inspired by an index compiled about New Orleans after Hurricane Katrina....
Unpermitted vendors put San Jose’s Christmas in the Park at risk
Christmas in the Park is at risk of losing some of its magic this year due to unpermitted vendors crowding the streets and sidewalks—but the groups that host the downtown San Jose celebration aren’t ready to give up just yet. Event organizers said unpermitted food vendors pack the streets every year at the annual winter holiday festivities,...
‘A sense of camaraderie’: San Jose businesses bring life to downtown
When Wendy Neff heard a knock on her downtown San Jose brewery door, she was greeted by a tall stack of plastic quart containers. Tomoyo Yoshinaga, the co-owner of neighboring bar Cash Only, was dropping them off as part of the businesses’ container exchange program. Fox Tale Fermentation Project, which Neff co-owns, and Cash Only are two new...