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Report: Bay Area economy rebounding better than rest of country | abc7news.com
SAN FRANCISCO (KGO) -- A new economic report shows how well the Bay Area continues to recover from the recession.
The Bay Area boasts a $535 billion economy, making it the 19th largest economy in the world, according to the report, which is put out every two years by the Economic Institute of the Bay Area Council.
The cranes and towers that rise over Mission Bay in San Francisco are just one of the most obvious visuals of the powerful economic rebound the Bay Area is experiencing.
"We are, if nothing else, an innovation economy here in the Bay Area. You can see it in the tech sector," said Sean Randolph of the Bay Area Council Economic Institute.
The towers will soon house biotech labs and e-commerce companies, which are key components in this so-called "innovation economy."
The report lays out some strong stats for the region: Forty percent of all venture capital in the country is invested here, and 15 percent of the country's patents come from the Bay Area.
"We are the world's leading innovation economy and that's really what's helping to differentiate us now and drive growth here," said Randolph.
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SAN FRANCISCO (KGO) -- A new economic report shows how well the Bay Area continues to recover from the recession.
The Bay Area boasts a $535 billion economy, making it the 19th largest economy in the world, according to the report, which is put out every two years by the Economic Institute of the Bay Area Council.
The cranes and towers that rise over Mission Bay in San Francisco are just one of the most obvious visuals of the powerful economic rebound the Bay Area is experiencing.
"We are, if nothing else, an innovation economy here in the Bay Area. You can see it in the tech sector," said Sean Randolph of the Bay Area Council Economic Institute.
The towers will soon house biotech labs and e-commerce companies, which are key components in this so-called "innovation economy."
The report lays out some strong stats for the region: Forty percent of all venture capital in the country is invested here, and 15 percent of the country's patents come from the Bay Area.
"We are the world's leading innovation economy and that's really what's helping to differentiate us now and drive growth here," said Randolph.
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