The San Francisco Bay Area is on track to be third metro with $1 trillion in economic output
The combined economic output of the San Francisco Metropolitan Statistical Area and the San Jose Metropolitan Statistical Area was approximately $879 Billion in 2018.
February 04, 2020
- This does not include the Santa Rosa, Vallejo, Santa Cruz, or Sacramento MSA’s. which are part of the Bay Area’s Mega Region. The combined mega region accounted for $1.1 Trillion in economic output, which would place the Bay Area as the 15th largest economy in the world (nominal).
- From 2010 to 2018, the mega-region grew by approximately 7 percent per year, leading all major metropolitan areas.
- The region’s contributes more to the nation’s GDP than Chicago’s metropolitan region, making the Bay Area the third largest economy in the United States after New York and Los Angeles.
- With the rapid rise in economic activity, the region has experienced considerable employment growth and an increase in office demand, leading all major office markets in rent growth over the last decade.
- The resiliency of the technology sector will inform the region’s performance, including its commercial real estate in this decade.
Source: U.S. Bureau of Economic Analysis, JLL Research