Monday, October 17, 2016

San Jose Metro led the nation in economic growth for 2015!

Out of the 382 metros tracked by the Bureau of Economic Analysis, only 292 saw their economies grow in 2015. Of the 20 largest metros, guess which had the most growth.

The San Jose Metro grew its economy by an incredible 8.9% last year. This is miles away from the next city which is Houston at 4.6%. For all the buzz San Francisco got, they grew their economy by 4.1% last year, less than half of San Jose and putting them fifth on the list. New York barely made a dent at 1.7%.

What is even more impressive is that if you look at ALL 382 metros, including the smaller ones where it is easier to have big economic swings, San Jose still had the 2nd fastest growing economy in the US. Only Midland, TX with a population of 140k had a faster rate of growth.

The bubble chart below the grid shows economic performance versus the size of the metro (larger bubble = more population). San Jose is still performing like a fast-growing startup (hot small city) despite the fact the metro has 2 million people.

To paraphrase a Twain quote: the reports of Silicon Valley's death are greatly exaggerated. Every economy in the US would love to be where San Jose is today.

Source: CNBC, Hillrise from the San Jose Development Forum

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