Silicon Valley is on the upswing, according to a flurry of recent reports on the local economy in the San Jose Mercury News.
- The jobless rate is falling…: The unemployment rate in Santa Clara County in April dropped to 11.4%, from a revised 12% in March; in neighboring San Mateo County, the jobless rate fell to 9.2%, from 9.8%.
- …housing prices are rising…: The median sales price for previously owned home prices jumped 26.4% in April from a year ago. In San Mateo County, prices were up 16% from a year ago.
- …and M&A action is picking up…: Year to date, there have been 255 takeover deals with a total value of $17.1 billion involving Bay Area companies, up sharply from 192 deals worth $12.9 billion in the same period last year.
- …but venture deals continue to lag: According the latest edition of the quarterly MoneyTree survey, the venture capital industry invested $1.53 billion in 202 deals in the first quarter, down from $1.94 billion and 268 deals in the previous quarter, and $2.35 billion in 219 deals the quarter before that.
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