The Bay Area is a global economic powerhouse. It is the model high-tech innovation hub, spawning generations of the world’s most iconic brands—companies like Intel, Apple, Tesla and Google—and innovative products and technologies. Companies and creative people flock to the region to develop new technology, lead breakthroughs in science, start companies, and drive the continued evolution of the region’s open and highly productive innovation ecosystem. The Bay Area hosts high concentrations of federal and private research labs driving radical breakthroughs in science and engineering; attracts nearly half of all venture capital invested in the United States; and has developed a diverse network of highly specialized business services that support the innovation economy. Its universities are among the best in the world. The region’s population of early adopters helps drive technological advance and new applications of technology that help improve communities and lives. Many of the regions cities are on the cutting edge of leveraging new technology platforms for improving the delivery of public services. The Bay Area’s stunning natural beauty and mild climate only add to its appeal.
And yet, for all its strengths, the Bay Area lacks any cohesive and comprehensive regional economic strategy for sustaining economic growth, weathering business cycles and supporting shared prosperity across the region. Given the regional nature of the economy, its labor pool, housing sheds, job centers and commute flows, viable solutions must reflect a regional perspective.