San Francisco County

San Francisco, officially the City and County of San Francisco, is the cultural, commercial, and financial center of Northern California. It covers an area of about 46.89 square miles (121.4 km2), mostly at the north end of the San Francisco Peninsula in the San Francisco Bay Area.

 

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. eventually moving to Charlotte, North Carolina. 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 supporting 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.

 

San Francisco has a diversified service economy, with employment spread across a wide range of professional services, including tourism, financial services, 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.

 

A beautiful region filled with iconic landmarks independently owned businesses and trendsetting residents, San Francisco has long followed the beat of its own drum. Morphed and molded by its communities, the California metro area has been the heart of the bohemian lifestyle, the epicenter of the LGBT rights movement and the launching point of the technology era. Today, San Francisco is a complete universe in and of itself: Each neighborhood exudes its own personality, from the historic streets of the Mission District to the grassy hills of the Presidio to the bustling piers along the Embarcadero.

 

The metro area's multifaceted personality draws a variety of people, from innovative entrepreneurs to students to retirees. But a housing crunch has made it difficult for the San Francisco metro area to accommodate its population, driving housing prices and rental rates sky-high and significantly increasing the cost of living. Metro area communities like Oakland and Brisbane have absorbed some of the overflow, but the constant influx of new technology workers has kept the pressure on the real estate market.

 

San Franciscans are bound by a strong sense of pride in their region; despite the sky-high prices, many residents will tell you that they can't imagine living anywhere else.