Daily Archives: December 10, 2016

The Economy of San Francisco

The economy of San Francisco is one that does well; however, its backbone is tourism.  San Francisco is often portrayed in music, film and popular culture has helped in making this city a landmark that is recognized all over the world.  San Francisco attracts so many foreign tourists each year that it is ranked fourth in this category.  San Francisco is home to Pier 39 and Fisherman’s Wharf and these two are said to be the third most popular tourist attractions in the United States.  There are more than sixteen million people a year who come to tour San Francisco.  These people boost their economy by nearly ten billion a year.  San Francisco is also home to the world-class facility known as the Moscone Center.  The Moscone Center is basically a large hotel with an excellent facility built in with it.  This center is in the top ten North American destinations for conventions and conferences. 

The California Gold Rush, or rather the legacy of it, help turn San Francisco into the principal banking and finance center on the West Coast early in the twentieth century.  The “Wall Street of the West” is here in San Francisco, which is Montgomery Street.  This street houses the Federal Reserve Bank of San Francisco, the Wells Fargo corporation headquarters and the Pacific Coast Stock Exchange, which is now considered defunct. The Bank of America is something like a pioneer in banking services and was founded in San Francisco in the 1960s.  They make their services accessible to the middle class and built their landmark skyscraper on California Street to house their headquarters.  In San Francisco, there are many financial institutions, multinational banks and venture capital firms that have made their headquarters in the city.  There are six Fortune 500 companies that reside here as well.  These companies’ beautiful infrastructures and other buildings have helped to designate San Francisco as one of the top ten Beta World Cities. 

These days, San Francisco’s economy is closely tied to its Bay Area neighbor, San Jose and to its neighbor in the south, Silicon Valley.  Silicon Valley and San Francisco both share the need for highly educated workers.  San Francisco is positioning itself as a biomedical and biotechnology hub and research center.  There is great potential for growth with these two bioresearch centers.  The California Institute for Regenerative Medicine is in San Francisco and there are public agencies funding stem cell research programs all over the state.

Eddie Frank is an editorial staff member of California New York Express. To learn more about long distance moving companies and long distance moving visit moveeast.com or call 1-888-680-7200.