San Francisco Bay Area: A Correction is Underway

San Francisco and San Jose put up the second- and third-best job growth performances in the nation from 2010 to 2015, trailing only Austin. The high-paying tech industry, which is as important to the region as finance is to New York, has been the primary driver. As venture capital investment flooded into the Bay Area, the number of “unicorns” (VC-backed companies with valuations greater than $1 billion) multiplied rapidly.