New report shows Silicon Valley's tech boom going strong into a fifth year

Economic IndicatorsAssociated Press

A new study shows Silicon Valley's tech economy is still booming, with 58,000 new jobs and 42,000 new residents last year and all indications the record growth will continue.

The annual Silicon Valley Index also shows record venture capital investment in technology. The report was released Tuesday by Joint Venture Silicon Valley, representing businesses, government and the broader community.

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Joint Venture president Russell Hancock says the "hot economy is getting hotter," with the highest growth rate since 2000.

Silicon Valley, home to Google, Apple, Facebook and many other tech firms, was the last economy to succumb to the recession and the first to emerge from it.

The 1,900-square-mile region south of San Francisco also saw some of the highest income gains and housing prices in the country.