Preparing for a Silicon Valley Retirement Surge
Silicon Valley has a rapidly aging population and will soon face a surge in retirements, leaving a large number of job vacancies. This will occur at a time when job growth is expected to continue, albeit at a slower rate than in the booming post-recession recovery period and subsequent high-growth period of 2013-2015, and also a time when the region’s birth rate remains relatively low – limiting the number of local youth entering the workforce.
This report takes an in-depth look at the trends in labor force participation in Silicon Valley, identifies likely trends in the retirement of older workers to 2025, and discusses high-level implications for workforce policy.
Charts/tables featured in this report:
- Figure 1. Labor Force Participation for Residents 55+, 2007 & 2016
- Figure 2. Labor Force Participation for Residents, by Age Group, 2016
- Figure 3. Labor Force Participation for Older Age Groups, 2007 & 2016
- Figure 4. Expected Number of 45-54 Year-Old Workers in Silicon Valley
- Figure 5. Expected Number of 55-64 Year-Old Workers in Silicon Valley
- Figure 6. Expected Number of 65-74 Year-Old Workers in Silicon Valley
- Figure 7. Estimated Retirees in Silicon Valley by 2025
- Figure 8. Working Age Population Growth through 2030, by Age Group
- Figure 9. Population Growth Projections, by Age Group including Children Ages 0-15