September 27, 2017

The Bay Area’s Economy Grew at the Strongest Rate in the Nation in 2016

Pacific Union Chief Economist Selma Hepp offers her expert take on state and regional economic trends.

  • At 5.2 percent, the Bay Area’s¹ gross domestic product (GDP) grew at the fastest rate in the nation and among California metropolitan areas in 2016, according to the U.S. Bureau of Economic Analysis Gross Domestic Product by Metropolitan Area 2017. The Bay Area’s GDP grew three times faster than the national rate of 1.5 percent and twice as fast as the state rate of 2.9 percent. Real GDP growth in the San Francisco-Oakland-Hayward metropolitan area was led by gains in the in finance, insurance, real estate, rental, and leasing industries.
  • The Austin-Round Rock, Texas metro area was the second fastest-growing economy, with GDP growth of 4.9 percent. Growth there was led by the professional and business services sector.
  • Within the Bay Area, San Jose outperformed all other California metro areas, with a GDP increase of 5.9 percent, followed by San Francisco-Oakland, with a gain of 5.4 percent. Both regions benefited from gains in the tech sector, while San Francisco’s financial sector posted growth.

 

To read the full post, click here: http://pacunion.us/2hyiFSc

 

 


About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the eighth-largest residential real estate brokerage in the U.S. based on 2016 sales volume of $10.15 billion. Pacific Union merged with Los Angeles-based brokerages John Aaroe Group in December 2016 and Partners Trust in August 2017. This strategic business collaboration links four of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $12.6 billion by 1,400 real estate professionals in 47 offices throughout California. For more information, please visit www.themarkcompany.com.