San Francisco Bay Area’s Booming Economy Continues To Grow But Residents Struggle To Keep Up
Source: bizjournals.com | Re-Post MNM Partners, LLC 7/11/2018 –
If the Bay Area were a country, it would have the 19th largest economy in the world after the Netherlands and ahead of Switzerland, according to a detailed new report from the Bay Area Economic Institute think tank.
By almost any measure, the region’s economy is booming. The Bay Area churned out a whopping $748 billion gross domestic product in 2017 and hit an annual growth rate of 4.3 percent during the past four years — nearly double the nation’s growth rate.
“Not only is the regional economy still doing very well, it’s still picking up steam,” Micah Weinberg, president of the economic institute, told the Business Times. “We talk about tech, but the tech happening in the Bay Area is the tech of everything.”
The Bay Area Economic Institute, a division of the business advocacy group the Bay Area Council, worked with consulting firm McKinsey & Co. to produce the data-laden report.
Key drivers boosting growth include a high percentage of educated residents, robust pipeline of startups and a relatively diverse base of employers beyond just the technology industry such as financial services, retail companies and medical device makers.