SAN JOSE — A new report says the Silicon Valley economy took a big hit during the global meltdown and could have trouble climbing out.
The 2010 Silicon Valley Index, released Wednesday, says the region is entering a "new phase of uncertainty” where job losses, a shrinking talent pool, a drop in investments and legislative gridlock could put its standing as the center of technology at risk.
The report noted that the region lost 90,000 jobs from November 2008 to November 2009, and unemployment is higher than national levels.
While mostly gloomy, the report noted some bright spots. The authors said that green technology may be the region’s best hope for a turnaround. Green jobs increased 24 percent from 2004 to 2008.
The index is released annually by two local nonprofit groups, Joint Venture: Silicon Valley Network and the Silicon Valley Community Foundation.
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