Bay Area economy growing three times faster than national average



by Riley McDermid – Digital Producer, San Francisco Business Times

Gains in a booming business sector helped the Bay Area grow three times faster than the national average, a new report from the Center for Continuing Study of the California Economy said Monday. The report found:

  • The Bay Area region grew by 5.2 percent in 2016.

  • The San Francisco-Oakland metro area grew the second fastest in the state, up 5.4 percent boosted by tech and finance.

  • The San Jose metro area grew the fastest in California in 2016 as tech gains boosted its growth rate to 5.9 percent.

The amount of growth brought in $781 billion in 2016 for gross domestic product from our nine-county region — and means that the Bay Area now ranks 18th in the world in pace of growth, just behind Turkey but ahead of the Netherlands.

Projecting forward, the report warned that job growth is slowing in the region and across the state.

"Job growth has slowed in the Bay Area and statewide so far in 2017. But job growth continues to spread to areas previously left behind including the Inland Empire, Butte, and many San Joaquin Valley counties," the report reads. "So it is very likely that GDP growth in the state and many regions in 2017 will be below the 2015 and 2106 levels."

You can read the full report here.

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