The research team across the region has come up with our Top 10 Takeaways from the 2010s which includes data on job growth, venture capital, retail, development and a variety of stats on markets from San Francisco to San Jose to Oakland to Sacramento. It’s not been all happy news of course – there have been a lot of growing pains such as cost of living (housing) transit woes and more. As the economic expansion continues into the 2020s, the savvy minds driving our tech-centric economy better manage to resolve at least some of these issues.
It seems not everyone is leaving California after all, at least according to at least one apartment rental website. ApartmentList, in an analysis of its own data, discovered that most users of the site were in many cases searching for in-state/close-by alternatives. In San Francisco, for instance, the top searches were for San Jose, Los Angeles and Sacramento. Meanwhile, according to ApartmentList, of the top inbound searches from outside a metro area, San Francisco was relatively high up the list at number five. CityLab, which reports on the data, further adds that the U.S. Census Bureau does show that outmigration from California has jumped but is still only 1.8 percent of the state’s population and that “the state still ranks in the bottom three for proportional departure rates.”
Of course, all that said, there are numerous companies that have announced expansions or relocations out of the Bay Area to less expensive alternatives such as Austin and Portland – cost of living, cost of doing business and quality of life issues cited as reasons. There are several stories about that below under “Economic News.” On the flipside, why does big tech continue to expand in expensive markets such as San Francisco, Seattle and New York City? The Wall Street Journal has a very interesting video that explains a bit more about that– just head to the second story down below entitled “Why Tech Firms Flock to Expensive Cities”.
This post is commentary from the latest weekly edition of our NorCal Newsline, which you can subscribe to for free by contacting Robert Sammons.