The technology-heavy San Francisco Bay Area almost single-handedly propped up California’s otherwise lethargic economic performance in 2014, a new report from the federal Bureau of Economic Analysis indicates.
The San Jose-centered Silicon Valley saw a 6.7 percent increase in economic output last year, the highest growth rate recorded in the Western states and the 9th highest among the nation’s 381 Metropolitan Statistical Areas (MSAs).
Only a few, relatively small MSAs involved in the oil and gas boom in other states, principally Texas, outpaced Silicon Valley’s expansion last year – and that was before the petroleum sector saw setbacks from declining prices this year.
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