SAN JOSE, Calif. (AP) — A new report shows Silicon Valley
is booming with higher jobs and income. But soaring housing costs are
driving a larger wedge between the region’s rich and poor.
The
region added nearly 47,000 jobs in 2013, up 3 percent over the previous
year. Forty-five percent of households now earn more than $100,000.
However, Silicon Valley Community Foundation president Emmett Carson says not everyone is benefiting.
He
sees a growing divide between rich and poor that is driven by an
overwhelming demand for housing. Last year, the region gained more than
33,000 new residents but only 6,500 new homes.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
SAN JOSE, Calif. (AP) — A new report shows Silicon Valley
is booming with higher jobs and income. But soaring housing costs are
driving a larger wedge between the region’s rich and poor.
The
region added nearly 47,000 jobs in 2013, up 3 percent over the previous
year. Forty-five percent of households now earn more than $100,000.
However, Silicon Valley Community Foundation president Emmett Carson says not everyone is benefiting.
He
sees a growing divide between rich and poor that is driven by an
overwhelming demand for housing. Last year, the region gained more than
33,000 new residents but only 6,500 new homes.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.