STEM growth for Silicon Valley and San Francisco converge
The Bureau of Labor Statistics had projected a cumulative growth rate of 10.8% in STEM employment in the U.S. through 2026.
May 01, 2019
- The Bureau of Labor Statistics had projected a cumulative growth rate of 10.8% in STEM employment(1.03% compounded annually) in the entire United States through 2026.
- As expected, STEM employment growth in the Bay Area quickly outpaced the entire United States, accounting for 10.43% of the growth in the entire United States since 2013.
- The Bureau of Labor Statistics’ projections fell short of the actual growth rates in the United States and far below actual growth rates in the Bay Area. At the projected rate, Silicon Valley STEM employment will exceed 250,000 and San Francisco will exceed 300,000 by 2026, both converging at a cumulative growth rate of about 24% in 2018.
- Mirroring the rapidly growing workforce, commercial real estate development in the current economic cycle is reaching record highs, especially in the life science sector.
Source: Bureau of Labor Statistics