Economic Report: Bay Area Economy Rebounds From Recession

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downtown San Jose skyline

An aerial view of the downtown San Jose skyline. (Helene Labriet-Gross/AFP/Getty Images)

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SAN FRANCISCO (KCBS) – A new report on the Bay Area’s economy show it’s doing extremely well compared to other regions around the country and world, but there is also room for improvement.

Bay Area Council Economic Institute President and CEO Sean Randolph said the 2012 Economic Profile shows that the region has rebounded from the recession very well and is in an enviable position compared to anywhere else in the country.

KCBS’ Anna Duckworth Reports:

“The U.S. share of venture capital investment has been going down as interest in places like China and India has been going up,” said Randolph. “But the Bay Area share of total global venture investment has remained solid.”

Randolph said about 40 percent of all venture investment takes place in the Bay Area. He credits growth in technology and innovation and the fact the region by far leads in patent generation and productivity.

But Randolph cautions about issues that could have negative impacts, like an underperforming K-12 system and cuts to higher education that could result in fewer qualified workers.

“We still have a very high unemployment rate by national and historic standards,” he said. “Even as the productivity of our economy has gone up, a good deal of that has been because we’re doing more where we have fewer employees.”

The Bay Area Council Economic Institute releases the report every two years.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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