San Francisco County shares border with San Mateo County
Economy
According to academic Rob Wilson, San Francisco is a global city, a status that pre-dated the city's popularity during the California Gold Rush. However, the COVID-19 pandemic has accelerated the exodus of business from the downtown core of San Francisco. In 2023, the Hoover Institution in California, in addition to various media organizations, warned of a uniquely severe long-term economic doom loop impending for San Francisco.
San Francisco has a diversified service economy, with employment spread across a wide range of professional services, including financial services, tourism, and (increasingly) high technology. In 2016, approximately 27% of workers were employed in professional business services; 14% in leisure and hospitality; 13% in government services; 12% in education and health care; 11% in trade, transportation, and utilities; and 8% in financial activities. In 2019, GDP in the five-county San Francisco metropolitan area grew 3.8% in real terms to $592 billion. Additionally, in 2019 the 14-county San Jose–San Francisco–Oakland combined statistical area had a GDP of $1.086 trillion, ranking 3rd among CSAs, and ahead of all but 16 countries. As of 2019, San Francisco County was the 7th highest-income county in the United States (among 3,142), with a per capita personal income of $139,405. Marin County, directly to the north over the Golden Gate Bridge, and San Mateo County, directly to the south on the Peninsula, were the 6th and 9th highest-income counties respectively.The legacy of the California Gold Rush turned San Francisco into the principal banking and finance center of the West Coast in the early twentieth century. Montgomery Street in the Financial District became known as the "Wall Street of the West", home to the Federal Reserve Bank of San Francisco, the Wells Fargo corporate headquarters, and the site of the now-defunct Pacific Coast Stock Exchange. Bank of America, a pioneer in making banking services accessible to the middle class, was founded in San Francisco and in the 1960s, built the landmark modern skyscraper at 555 California Street for its corporate headquarters. Many large financial institutions, multinational banks, and venture capital firms are based in or have regional headquarters in the city. With over 30 international financial institutions, six Fortune 500 companies, and a large support infrastructure of professional services—including law, public relations, architecture and design—San Francisco is designated as an Alpha(-) World City. The 2017 Global Financial Centres Index ranked San Francisco as the sixth-most competitive financial center in the world.
Beginning in the 1990s, San Francisco's economy diversified away from finance and tourism towards the growing fields of high tech, biotechnology, and medical research. Technology jobs accounted for just 1 percent of San Francisco's economy in 1990, growing to 4 percent in 2010 and an estimated 8 percent by the end of 2013. San Francisco became a center of Internet start-up companies during the dot-com bubble of the 1990s and the subsequent social media boom of the late 2000s (decade). Since 2010, San Francisco proper has attracted an increasing share of venture capital investments as compared to nearby Silicon Valley, attracting 423 financings worth US$4.58 billion in 2013. In 2004, the city approved a payroll tax exemption for biotechnology companies to foster growth in the Mission Bay neighborhood, site of a second campus and hospital of the University of California, San Francisco (UCSF). Mission Bay hosts the UCSF Medical Center, the California Institute for Regenerative Medicine, California Institute for Quantitative Biosciences, and Gladstone Institutes, as well as more than 40 private-sector life sciences companies.The top employer in the city is the city government itself, employing 5.6% (31,000+ people) of the city's workforce, followed by UCSF with over 25,000 employees. The largest private-sector employer is Salesforce, with 8,500 employees, as of 2018. Small businesses with fewer than 10 employees and self-employed firms make up 85% of city establishments, and the number of San Franciscans employed by firms of more than 1,000 employees has fallen by half since 1977. The growth of national big box and formula retail chains into the city has been made intentionally difficult by political and civic consensus. In an effort to buoy small privately owned businesses in San Francisco and preserve the unique retail personality of the city, the Small Business Commission started a publicity campaign in 2004 to keep a larger share of retail dollars in the local economy, and the Board of Supervisors has used the planning code to limit the neighborhoods where formula retail establishments can set up shop, an effort affirmed by San Francisco voters. However, by 2016, San Francisco was rated low by small businesses in a Business Friendliness Survey.
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