A new Brookings report shows that the greater San Jose metro area is experiencing the second best recovery in the nation, coming in behind only New Orleans. Housing prices, hiring, and production are all up significantly, more so than elsewhere in the nation.
Not mentioned in this is that most of this is actually being driven by Sunnyvale. I was recently told that job growth in Sunnyvale is greater than that of all other cities in the county – combined. This is because of two factors. We’ve been the only city in the county with both room for expanded industry and an attractive business climate. Cities like Palo Alto and Mountain View are attractive to businesses, but there aren’t expansion opportunities . And we’re simply much better at attracting and retaining businesses than those cities that still have space, such as San Jose, Santa Clara, and Milpitas, as has been previously called out by economic experts. Anyway, productivity is up and unemployment is down in Sunnyvale as a result of all of this.
Housing prices are also up significantly in Sunnyvale, and available inventory is down. But that’s much more of a broad regional effect that all cities in the county are experiencing.
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