SF Bay Area Named Fastest Growing Economy in the USA
Thanks to SF Gate for sharing the news that according to a new study by the University of North Carolina’s American Growth Project, the San Francisco Bay Area is leading the country in economic growth in 2022 with a 4.8% increase in GDP.
The ranking looked at employment rates and economic output at the county level for each city, and considers the entire metro area, not just San Francisco. Thankfully, this includes Silicon Valley with companies like Zoom whose growth accelerated during the pandemic. In fact, this study expanded the typical Bay Area region to include further away cities like Merced, Modesto, Stockton and Santa Cruz County. The expanded region has the 5th largest population in the country with 9.7 million in 2020.
Despite taking the top spot for current GDP, the study did give a warning that due to tech layoffs and the inflating housing market, San Francisco Bay Area’s GDP could soon see a decline.
Austin, Texas took the #2 spot on the list, followed by Seattle, Washington.