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.