SlideShare a Scribd company logo
www.bayareaeconomy.org
The 21-county Northern California Megaregion includes two coastal regions
and two inland regions.
EXHIBIT 29
Source: Bay Area Council Economic Institute
www.bayareaeconomy.org
Unlike the Texas Triangle and Cascadia megaregions, the Northern California
Megaregion’s employment growth rate was higher than its population
growth rate between 2008 and 2017.
EXHIBIT 30
Note: GRP=Gross Regional Product
Source: Moody’s Analytics Analysis: Bay Area Council Economic Institute
www.bayareaeconomy.org
The four regions within the Northern California Megaregion differ in their
industry mixes.
EXHIBIT 31
Source: California Employment Development Department Analysis: Bay Area Council Economic Institute
www.bayareaeconomy.org
In San Francisco and Silicon Valley, growth in the number of housing units
lags far behind job growth.
0 50,000 100,000 150,000 200,000
Jobs AddedHousing Units Permitted
Yolo County
Sacramento County
San Joaquin Valley
Placer County
San Francisco
Silicon Valley
200,364
Jobs Added Compared to Housing Units Permitted, 2007–2017
72,887
28,813
146,787
19,902
18,500
14,118
14,268
26,895
13,800
4,994
4,600
EXHIBIT 32
Sources: Association of Bay Area Governments Regional Housing Need Allocation Progress Reports; U.S. Department of Housing and Urban
Development State of the Cities Data Systems; BLS Quarterly Census of Employment and Wages; California Employment Development Department;
U.S. Census Bureau Building Permits Survey Analysis: Bay Area Council Economic Institute
www.bayareaeconomy.org
Home prices have increased substantially across Northern California
Megaregion counties, but wide gaps exist between the core and
outlying areas.
730
525
636
853
1,121
2017
Santa Clara
20142005
+31%
20122009
374
178 177
268
333
Sacramento
484
298 284
378 452 +20%
Placer
866
742 771
1,081
1,433
San Francisco
+33%
656
381 430
650
855 +32%
Alameda
389
159 169
254 343 +35%
San Joaquin
Median Home Prices in Key Northern California Megaregion Counties, $ Thousands
2009 2017201420122005
2009 20172014201220052009 20172014201220052009 2017201420122005
+24%
EXHIBIT 33
Note: Data represents annual average median home price estimate in 2013 dollars.
Data Source: National Association of Realtors, Moody’s Analytics Analysis: Bay Area Council Economic Institute and McKinsey & Company
www.bayareaeconomy.org
The Bay Area’s domestic migration has turned negative in the last three years.
EXHIBIT 34
Source: California Department of Finance Demographic Research Unit Analysis: Bay Area Council Economic Institute
www.bayareaeconomy.org
In contrast to and partially as a result of out-migration from the Bay Area, the
Sacramento Area and the Northern San Joaquin Valley have experienced net
domestic migration increases in the past few years.
EXHIBIT 35
Source: California Department of Finance Demographic Research Unit Analysis: Bay Area Council Economic Institute
www.bayareaeconomy.org
A growing number of workers in the Northern California Megaregion are
commuting long distances.
EXHIBIT 36
Source: U.S. Census Bureau American Community Survey 2016 One-Year Estimates Analysis: Bay Area Council Economic Institute

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Bay Area Economic Profile Chapter 4

  • 1. www.bayareaeconomy.org The 21-county Northern California Megaregion includes two coastal regions and two inland regions. EXHIBIT 29 Source: Bay Area Council Economic Institute
  • 2. www.bayareaeconomy.org Unlike the Texas Triangle and Cascadia megaregions, the Northern California Megaregion’s employment growth rate was higher than its population growth rate between 2008 and 2017. EXHIBIT 30 Note: GRP=Gross Regional Product Source: Moody’s Analytics Analysis: Bay Area Council Economic Institute
  • 3. www.bayareaeconomy.org The four regions within the Northern California Megaregion differ in their industry mixes. EXHIBIT 31 Source: California Employment Development Department Analysis: Bay Area Council Economic Institute
  • 4. www.bayareaeconomy.org In San Francisco and Silicon Valley, growth in the number of housing units lags far behind job growth. 0 50,000 100,000 150,000 200,000 Jobs AddedHousing Units Permitted Yolo County Sacramento County San Joaquin Valley Placer County San Francisco Silicon Valley 200,364 Jobs Added Compared to Housing Units Permitted, 2007–2017 72,887 28,813 146,787 19,902 18,500 14,118 14,268 26,895 13,800 4,994 4,600 EXHIBIT 32 Sources: Association of Bay Area Governments Regional Housing Need Allocation Progress Reports; U.S. Department of Housing and Urban Development State of the Cities Data Systems; BLS Quarterly Census of Employment and Wages; California Employment Development Department; U.S. Census Bureau Building Permits Survey Analysis: Bay Area Council Economic Institute
  • 5. www.bayareaeconomy.org Home prices have increased substantially across Northern California Megaregion counties, but wide gaps exist between the core and outlying areas. 730 525 636 853 1,121 2017 Santa Clara 20142005 +31% 20122009 374 178 177 268 333 Sacramento 484 298 284 378 452 +20% Placer 866 742 771 1,081 1,433 San Francisco +33% 656 381 430 650 855 +32% Alameda 389 159 169 254 343 +35% San Joaquin Median Home Prices in Key Northern California Megaregion Counties, $ Thousands 2009 2017201420122005 2009 20172014201220052009 20172014201220052009 2017201420122005 +24% EXHIBIT 33 Note: Data represents annual average median home price estimate in 2013 dollars. Data Source: National Association of Realtors, Moody’s Analytics Analysis: Bay Area Council Economic Institute and McKinsey & Company
  • 6. www.bayareaeconomy.org The Bay Area’s domestic migration has turned negative in the last three years. EXHIBIT 34 Source: California Department of Finance Demographic Research Unit Analysis: Bay Area Council Economic Institute
  • 7. www.bayareaeconomy.org In contrast to and partially as a result of out-migration from the Bay Area, the Sacramento Area and the Northern San Joaquin Valley have experienced net domestic migration increases in the past few years. EXHIBIT 35 Source: California Department of Finance Demographic Research Unit Analysis: Bay Area Council Economic Institute
  • 8. www.bayareaeconomy.org A growing number of workers in the Northern California Megaregion are commuting long distances. EXHIBIT 36 Source: U.S. Census Bureau American Community Survey 2016 One-Year Estimates Analysis: Bay Area Council Economic Institute