4.4a

• positive multiplier effect in San Francisco:

  •One of the nation’s top 4 regions for educational attainment = skilled, educated workforce = high employment – in 2010, Bay Area wages were 52% higher than in the US = increased tax revenue + lots of investment – Bay Area receives in excess of 40% of all venture capital funding in the US = investment in infrastructure e.g. redevelopment of the Transbay transport terminal and BART extension = better quality of life = tourist attraction = generated profit for Accommodation, Food Services, Arts and entertainment industry
• employment in San Francisco :

  • In Jan 2015, 4.8% of Bay Area was unemployed compared to the national average of 5.7%
  • GDP per capita is growing faster than employment due to the changing nature of jobs --> new industries are requiring more educated workers
  • This increased demand for skill = higher wages --> over the last 20 years, wages in the Bay Area have increased at a faster rate than the US --> in 2010 the Bay Area wages were 52% higher than the US
• In San Francisco, most industries are quaternary and require a high-skilled labor force
• The dominating industry in San Francisco is Professional, Scientific and Technical Services (PSTS) and Information, both of which require highly educated workers
• The share of Bay Area employment in PSTS is twice that of the US, with most jobs located in San Francisco and the Peninsula
• Other concentrated sectors in the Bay Area include 'Accommodation and Food Services' and 'Arts, Entertainment and Recreation', both of which highly depend on tourism
• The Information sector in San Francisco, primarily consisting of software publishing companies, is heavily represented in the region and includes high-skilled companies like Oracle, Adobe, and McAfee