SAN JOSE -- Although the South Bay economy went through a soft patch in recent months, Santa Clara County is poised to boom again in a big way and won't tumble into a recession, an economist said Thursday.
"The crucial technology sector is helping keep the economy strong throughout the nation, and especially in the Bay Area and Santa Clara County.
"The employment surge in the past few months has tightened the Santa Clara Valley's labor market, sending the jobless rate below 4 percent; caused home prices to soar; and fueled retail spending in the South Bay, according to a Beacon Economics report presented by Thornberg.Over the 12 months that ended in March, total payroll jobs grew by 3.6 percent -- a respectable pace of annual job growth but well off the highs of 4 percent and 5 percent growth that had typified employment expansion in Santa Clara County from June 2015 through December.
The summit also included presentations by other luminaries, including state Controller Betty Yee, who said that an array of reforms are needed to address long-term issues in California.
"We need revenue reform, but we need more than that," Yee said during a question-and-answer session.
South Bay business leaders presented the concept of creating innovation zones in San Jose to encourage tech entrepreneurs in the region.