Report: Silicon Valley incomes continue upsurge

Analysis also found that poverty rate has dropped to its lowest level since 2008

Silicon Valley's median household income rose to $98,500 from 2013 to 2014, the Joint Venture Silicon Valley's Institute for Regional Studies reported Friday in a press release.

The Institute's analysis of new U.S. Census data also revealed that San Francisco's income rose nearly 7 percent during the same period to $85,070.

According to the report, Silicon Valley's income gains have outpaced inflation for three straight years, while the poverty rate has dropped to its lowest level since 2008, reaching 8.1 percent in 2014. (The rate was down 1.6 percentage points since 2013 and 2 percentage points below the peak in 2012). In San Francisco, the poverty rate dropped 1.7 points to 12 percent in 2014.

During the same period, California and the U.S. as a whole showed modest gains in median household income, rising 1 percent and 1.1 percent, respectively (after adjusting for inflation), said Rachel Massaro, Joint Venture vice president and senior research associate for the Institute, in the press release.

The share of households earning more than $150,000 annually during the two-year period increased by close to 4 percentage points in Silicon Valley and 1 1/2 points in San Francisco. In comparison, the share of households earning more than $150,000 annually in California and the nation between 2012 and 2014 increased approximately 1 percentage point.

And the share of households earning less than $35,000 annually decreased in Silicon Valley during the two-year period, dropping from 19 percent in 2012 to 17 percent in 2014.

"This latest data demonstrates that economic prosperity in Silicon Valley and the greater Bay Area shows no signs of slowing down," Massaro said.

The report also found that the share of the population ages 18 to 64 with health insurance increased in Silicon Valley — up 4.9 percentage points to 90 percent of the population covered.

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