New York Times: Job rich Silicon Valley turns fallow

Lawrence Fisher reports on the results of a new study by Joint Venture Silicon Valley that concludes that Silicon Valley lost 127,000 jobs, or about 9 percent of its employment, from the first quarter of 2001 to the second quarter of 2002.

Mr. Henton said it was not clear what the next source of economic growth would be, although he suspects it will be the biomedical industry, by combining software with biotechnology and advanced instruments to improve health care. Silicon Valley already has the highest concentration of biomedical companies in the United States, with 37,000 people employed.

But the next big innovation could as easily be something entirely different, and it could as easily come from Finland or Singapore as from Sunnyvale.

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