Bay Watch – GDP

Bay Watch: A Weekly Look into the Bay Area Economy

December 9, 2022

Data released by the Bureau of Economic Analysis on Thursday provided a new reason to be optimistic about the region’s economic recovery. In 2021, San Francisco County grew its contribution to Gross Domestic Product at the fastest rate of any county in the nation – posting a 14.0% year-over-year growth rate. Santa Clara (13.3%) and San Mateo (12.9%) counties were not far behind, with Travis County (11.6%) – home of Austin, Texas – coming in fourth.

The region’s one-year growth from 2020 to 2021 was impressive on its own, but overall GDP growth since the onset of the pandemic also places Bay Area counties at or near the top of the list. Santa Clara County is the fastest growing county in the nation since 2019, trailed by San Francisco County, Travis County, San Mateo County, and King County (Seattle). No other county in the U.S. posted growth rates comparable to these five counties, which showcases the impact that the tech economy has on overall economic output. Through 2021, tech companies continued to create high-value outputs, while growing wages and employment at rapid pace – even while much of the work took place remotely.