Those construction cranes and record-low jobless figures aren’t going away. By nearly any measure, San Francisco’s economy has found a magic moment, an almost unparalleled time when its tech-based sector has fueled growth across the city.
The surging local economy is one of the strongest in the country and shows no sign of slackening in the next few years. It’s a broad-based boom with tech leading the way and spinning off benefits in retail, health care, construction and tourism. The trend, as studied by city economist Ted Egan, will continue, not fade away. “I don’t see any slowdown in the tech sector,” he said, discounting worries of a drop in the stock market or business cycle. He spoke at a gathering of the policy group SPUR.
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Construction cranes rise above San Francisco’s famous fog along with the Transamerica Pyramid and 555 California St. Photo: Terry Schmitt