Cupertino, California: home of Apple, Inc. and a city that didn’t experience booming success until one industry – IT – radically changed it. It can be argued that much of Cupertino’s growth stems from Apple’s presence, and I was curious to find out what other industries benefited from the IT giant.
The impact one booming industry can have on an entire city is actually quite astounding. Based on the rapid growth of one dominant industry in a city, other industries are likely to exhibit organic, albeit smaller, growth due to the job creation that the larger industry spurs.
Population Boom, Money Boom
In just one decade (between 1990 and 2000) the population of Cupertino grew by more than 10,000 – a remarkable 25.5 percent increase from 40,263 to 50,546 residents.
Though the city had experienced previous population booms, much of the boom during this decade could be specifically attributed to Apple. As you may know, the IT giant moved into the infamous Infinite Loop campus and today employs 12,000 people at its Cupertino headquarters.
Employees in Cupertino and throughout much of Silicon Valley were able to afford larger homes at higher prices, compared to nearby residents. According to Zillow, the average Cupertino home is valued at over $1.4 million today — about double the value for homes in Santa Clara county.
Know Your Competition
So what does this mean for recruiters and employers who live outside of this IT hub?
First, it’s important for employers to get a solid understanding of everyone who is competing for their employees, not just companies that are their direct competition. For example, engineering companies may not think of organizations doing business in Silicon Valley as competition. But they are competing for the same talent, and recruiters need to know what those industries are in order to have a better understanding of the value proposition they’re using to entice prospective candidates.
Understanding industries outside of your competition that are fighting for your employees is essential. And if you’re looking for resources that can help, using EMSI and tools such as CareerBuilder’s Supply & Demand Portal can help you get a better understanding of how your competitors are recruiting.
In related news, see how Williston, N.D. – a formerly sleepy agriculture town – is growing nearly five times faster than the rest of the country, and the challenges employers face in finding talent for newly created roles.