profile x: bay area jumps to top 20 world economies
With a GDP of nearly $750 billion, the Bay Area is now a Top 20 world economy, jumping from 23 to 19 since 2016. This was just one of many key findings unveiled Tuesday (June 10) as the Bay Area Council Economic Institute presented its Economic Profile with partner McKinsey & Company. The tenth in a series of Profile reports, this latest edition examines a new period of immense growth and innovation, benchmarking the Bay Area’s performance against other knowledge-based economies to assess the region’s national and global competitiveness.
Joined by Managing Partner of McKinsey & Company’s Silicon Valley office, Alexis Krivkovich, and Associate Partner Kunal Modi, Institute President Micah Weinberg presented to a packed room of members, guests, and the media. Key takeaways focused on the exceptional period of growth the region is experiencing including the maturation of some of the world largest companies, record employment, and an increasingly diverse technology sector. The report also examines the challenges such rapid growth has brought to housing, transportation, and equity in the region.