Silicon Valley Rakes It in From Couch Potato Nation
Gadget sales, new jobs both up
By SCOTT BUDMAN
Updated 11:37 AM EST, Tue, Jul 14, 2009
We may be staying home, but we're buying lots of cool gear.
A new survey taken by gadget-watcher Retrevo says that, although the economy is still down, consumers are not yet ready to show up to the party without the latest cool phone, and are picking up new digital TV sets to watch the new season of "Entourage."
The Retrevo folks actually say the whole "staycation" trend seems to be helping business in Silicon Valley. Lots of gadget sales mean lots of profits for tech companies like Apple, HP, Palm, and Intel. Even those who are traveling are stocking up on GPS devices, which also benefit several Silicon Valley companies.
The proof in the pudding? Jobs. As the rest of the country continues to shed jobs, the Valley is adding them. The May jobs report showed a gain of 400 jobs in Silicon Valley. Not a huge jump, and the number is still down quite a bit from this time last year, but it's an actual gain in the teeth of a recession.
How does the industry manage this trick? Another Silicon Valley company, Upmo.com (short for "Upwardly Mobile"), says the region's enthusiasm for social networking means job opportunities are snapped up before they even get listed. More than job boards, Upmo.com says it's these informal contacts that keep the local job world moving. A more nimble job market means a faster recovery in employment.
So, there you have it. We're staying at home this summer, but playing around just the same. Less travel, fewer home sales, retail in the tank, but crank up the Wii and the iPhone and enjoy the summer. Silicon Valley's newly employed thank you.
Scott Budman is looking for a term that means "domesticated techie." Ideas? Tweet @scottbudman.
First Published: Jul 13, 2009 12:07 PM EST
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