SAN JOSE (CBS SF) – Silicon Valley reached a population milestone Tuesday, with an estimated 3 million people now inhabiting the area known worldwide for its tech industry.

According to the Joint Venture Silicon Valley Institute for Regional Studies, the milestone was reached sometime Tuesday morning. As of Tuesday evening, the institute’s population clock said 3,000,033 people lived in the area.

READ MORE: VIDEO: Smash-And-Grab Robbery At Tanforan Mall Jewelry Store

• RELATED: Tables Turn On Techies, Workers Earning Six Figures Being Priced Out Of Silicon Valley

The institute used population estimates and growth rates from the California Department of Finance to come up with the figure.

READ MORE: CA Drought: Big Sur 'Colorado' Fire Could Be Start Of Year-Round Wildfire Season

Researchers say Silicon Valley gains one person at a rate of every 16 minutes through births and immigration, significantly outpacing the rate of deaths and migration out of the area.

Silicon Valley is defined by the institute as Santa Clara and San Mateo Counties, plus the the cities of Fremont, Union City and Newark in Alameda County and Scotts Valley in Santa Cruz County.

MORE NEWS: Xfinity Comcast Outage In San Francisco - Bay Area

Some data from San Francisco is also used