San Jose boasted the best economy during the past three years, largely because of the booming tech industry and fast-paced hiring by companies such as Apple Corp., Google Inc. and Facebook Inc.
Silicon Valley’s economy grew 18% from 2008 to 2011, easily the largest in the state and 50% better than second-place Oxnard, according to the U.S. Bureau of Economic Analysis. Silicon Valley’s GDP climbed to $177 billion in 2011, the most recent figures available.
Ten cities in California beat the average national economic growth of 5.0% during the three-year period. Only San Jose, Oxnard and Madera (11.6%) had more than double the national average, according to the annual report.
Sacramento – a region dominated by government employment – had the smallest economic growth during the three-year period. Stockton, El Centro, Santa Rosa and Vallejo were also among the five worst cities in the state.
The federal report did not include metropolitan regions with flat or a decline in GDP, including Los Angeles-Riverside, Redding and Santa Cruz.
Beaumont, Texas, had the highest growth rate at 34% in the three years, while Casper, Wyo., endured the largest decline at 14%.