San Francisco was fastest-growing large county in U.S. in 2021

According to this month's Bureau of Economic Analysis report, San Francisco County was the largest county with a population over 500,000 that was growing the fastest. The country saw a 14% increase in 2020-2021. San Francisco's gross domestic product was $200.5 billion in 2017, an increase of $175.9 million from the previous year. With $711.9 billion, Los Angeles County had the highest GDP in the state of 2021. Its growth rate between 2020 and 2021 was 7.9%. Russell Hancock, CEO at Joint Venture Silicon Valley, stated that a lot of the region's economic success was due to the Covid-19 pandemic. He said that the coronavirus crisis created a demand for tech companies' services such as streaming video, video call, and food delivery services. They also provide the necessary computing devices to interact with them. Hancock stated that "When the pandemic hit, most people thought it would be a devastating blow to Silicon Valley. In retrospect, it seems laughable because it turns out it was the exact opposite." However, 2022 was a completely different story. Interest rates that were designed to reduce inflation have had a wide impact on the residential realty market. Tech companies bloated by the 2021 boom are issuing pink slips in the thousands.