Bridge Bank Hosts 7th Annual Economic Summit
Dr. Christopher Thornberg of Beacon Economics was the keynote speaker at the 7th annual Economic Summit, held Thursday, June 1st at San Jose State University. With over 450 local business leaders in attendance, Dr. Thornburg provided a forecast of Silicon Valley’s economic landscape and its impact on local businesses. Following Dr. Thornberg’s presentation, Sam Liccardo, the Mayor of San Jose provided greater detail on the economic landscape of San Jose from a local perspective.
A Regional Intelligence Report was released in conjunction with the Summit. Key local findings in the report include:
- The South Bay economy has continued to gain ground, albeit at a slowing rate. Nonfarm employers expanded payrolls by 1.6% between February 2016 and February 2017.
- Technology (+4.8% YTY) and Information (+3.0% YTY) sectors together accounted for 44.4% of net job gains between February 2016 and February 2017.
- Based on U.S. Bureau of Labor Statistics estimates, net migration to the South Bay dipped into negative territory in the second quarter of 2016, marking the first time this has occurred in years.
- Commercial real estate turned in another strong performance in the South Bay in 2016. Total values for planned nonresidential projects amounted to $4.37 billion, marking the most investment the area has seen in the last 21 years, and a 23.7% gain over 2015.
- Overall, office properties continue to be in high demand in the San Francisco Bay Area at large. From the fourth quarter of 2015 to the fourth quarter of 2016, the cost of rent increased 8.1% in Oakland, and 4.0% in San Francisco.
For more information, download the full Regional Intelligence Report or Dr. Thornberg’s presentation.
EVENT PHOTOSClick to enlarge
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