Household incomes in the Silicon Valley grew for the second consecutive year in 2013 after a three-year decline, according to a new report released Thursday.
The median household income in Silicon Valley, the tech industry's epicenter, rose 1.3 percent in 2013 to nearly $95,000, according to an analysis of US Census Bureau data conducted by the Joint Venture Silicon Valley Institute for Regional Studies.
"The 2013 data shows that the recent economic trends for Silicon Valley indicate continued recovery following the recession, although disparities still exist," Rachel Massaro, vice president and senior research associate for the Institute, said in a statement.
The data also showed a significant increase in the number of Silicon Valley households earning at least $150,000 in 2013, outpacing the number of new households created, the institute said.
"This is striking, given that the increase in the number of high-income Silicon Valley households was nearly five times greater than the increase in total households overall," Massaro said. "This means that established Silicon Valley residents are getting wealthier, in addition to more high-income households moving into the region."
In addition to indications that the region is continuing to recover from the economic recession, the non-profit organization found that the area's population living under the federal poverty level of $23,550 for a family of four declined from 10.1 percent to 9.7 percent, well below the national average of 15.8 percent. Meanwhile, the number of Valley residents with health insurance rose 1.5 percent, according to the analysis.
The data was extracted from the Census Bureau's American Community Survey, an annual statistical report that helps determine how $400 billion in federal and state funds are distributed each year.