DataMarkets & Economy

Silicon Valley assessments grow another $30 billion

Officials report Santa Clara County reached $419 billion in assessed value by 2016
  • Silicon Valley reached $419 billion in property and business personal property assessments by January 2016, according to the Santa Clara County Assessor.
  • Apple’s new campus accounted for $700 million in new construction and has an assessed value of $1.6 billion.
  • Santa Clara County rents have risen 45 percent in the last four years, aiding an average monthly one-bedroom rent of $2,436 across the San Jose metro.

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Levi's Stadium / Asif Islam / Shutterstock.com The tech mecca of the nation is having one of the strongest recoveries since the recession. Silicon Valley reached $419 billion in property and business personal property assessments by the beginning of 2016, according to the Santa Clara County Assessor. The total assessed value represents a year-over-year increase of 7.9 percent in 2015, or $30.9 billion -- nearly equal gains as 2014. In the past four years alone, growth surpassed the previous decade's increase in the area. “Silicon Valley’s strong economy has erased most of the losses in property values incurred during the ’Great Recession’,” County Assessor Larry Stone said in a statement. “That’s great news for all property owners, as the largest single asset that most people own is their home. With 60 consecutive months of job increases, Santa Clara County's unemployment rate is just 3.8 percent. In comparison, California’s employment rate is 5.4 pe...