Santa Clara's flourishing tech scene helps attract new residents
A strong economic sector is a crucial aspect of a metro's ability to maintain growth and attract new residents. As unemployment remains stubbornly high across the country, cities that are adding jobs have become increasingly attractive destinations for job-seekers. In this light, Santa Clara, with its nationally regarded tech sector, is one city that is likely to draw new residents in the coming months. If you're considering buying one of the houses for sale in Santa Clara, you may want to act quickly, as the demand for homes in this city appears to be growing.
For more than a decade, Santa Clara has had a reputation as one of the country's leading tech centers. As part of world-famous Silicon Valley, the metro has made a name for itself by being home to dozens of unique companies that go from startup to national powerhouse in the blink of an eye. This reputation has helped the area maintain relatively low levels of unemployment levels and stable job offerings.
Many people come to Santa Clara - whether from nearby Stanford University or from across the country - to join the active tech company scene. With the city's climate of creativity and entrepreneurship, it's easy to understand why these business-minded individuals choose the region to try their hand at starting a company. Additionally, the city's long history of success stories is enough to entice some of the best and brightest from the field. A recent success story demonstrates how this city can act as an incubator for young businesses.
Another startup hits it big
On Friday November 16, computer giant Dell announced its acquisition of IT solutions company Gale Technologies. This growing, Santa Clara-based company offered Dell a chance to bolster its efficiency and make use of Gale's innovative technology.
"Gale Technologies integrates well with our Active Infrastructure family, and provides an intuitive, flexible and comprehensive foundation for application, virtual desktop infrastructure and private cloud deployments for our customers," said Marius Haas, Dell's president of Enterprise Solutions.
The company believes that the addition of Gale will set up a strong opportunity for growth and improved services for its customers. Although the acquisition is important for Dell's continued strength, it is also another example of a young Santa Clara company making a name for itself in the competitive tech field.
Typical Santa Clara company
Gale is less than five years old and has already become an important player in the industry. With Santa Clara's strong community of companies, Gale was able to grow quickly, attract top talent and earn recognition from respected industry outlets. In 2011, Gale was named a finalist for the Best Product Award by Network Products Guide. In March 2012, the company was also named one of the 20 coolest Cloud Infrastructure Vendors by CRN. In a few short years, this small company went from just another Santa Clara startup to one of the most well-respected young companies in the industry.
Effect on the city's housing market
The success of Gale and other similar companies has helped Santa Clara become one of California's most attractive places to start a business. This in turn has helped the metro attract many new residents. Santa Clara's unemployment rate has been dropping consistently for more than two years, and now rests at 7.3 percent, which is considerably below the national average of about 8 percent.
The city's improving economy - based in no small part on the success of young tech companies - has also helped the region's housing market experience one of the state's quickest recoveries from the recession of the late 2000s. Over 20 percent more homes were sold in the city in October 2012 than in October 2011 and the median price leapt from $450,000 to $535,000 in the same time frame, according to real estate analytics firm DataQuick.
Not all cities are lucky enough to have a sector as strong as Santa Clara's tech industry, but those who do typically have strong housing markets. Now may be the ideal time to find your dream home in this hotbed of tech activity.