All three, participation, revenue, and engagement, varied widely across metro areas. While San Francisco topped the list for participation and revenue, it did not in engagement. The most engaged drivers were in New York City and Dallas. Charleston, West Virginia was at the bottom of the list for sector participation, average revenue, and engagement, along with Louisville.
Participation on leasing platforms is limited, but there is still significant variation across areas in terms of average monthly lessor revenues and engagement rates. Bar charts showing fraction of sample generating income from leasing platforms in October , Average monthly revenues among active lessors in October , and Percent of lessors active for 9 months or more in the 12 months up to October There is wide variation across metro areas in terms of sector participation, average monthly revenues, and engagement.
Participation rates were the highest in New Orleans, where 0. The lowest were in Detroit and Oklahoma City. In regards to engagement, More than 20 percent of participants were highly engaged in New Orleans and Portland. In other cities, such as Detroit and Oklahoma City, the fraction was less than eight percent.
Several supply- and demand-side factors are likely to play a role in explaining why particular cities stand out from the overall pattern, including regulation, vehicle ownership, hotel occupancy rates, and metro area density.
We found that metropolitan areas with larger incumbent industries as the Online Platform Economy emerged had higher participation and higher average revenues in the corresponding platform sectors. The measure of incumbent industries provides an indicator of the potential market size for new transportation and leasing service providers, thereby pointing at the demand side of the Online Platform Economy.
Additionally, every local characteristic we explored that was associated with higher levels of participation was also associated with higher average monthly revenues. This suggests that rising participation does not directly cause falling average revenues, which are two coincident trends we observed in prior research.
Consumer spending makes up more than two thirds of GDP. By leveraging our Local Commerce LC lens, we provide a granular, transaction-level view into the demographic and firmographic drivers of spending growth in 14 U. Moreover, we use customer and merchant location to understand the distance at which a purchase was made. With respect to spending growth, we generate two complementary views:. We leverage the merchant and consumer views of local spending to observe year-over-year growth in San Francisco, as well as demographic trends.
The Local Commerce Lens is framed along customer location, merchant location, and transaction channel. These dimensions lead to six different groups of transactions. Line graph showing year-over-year spending growth for San Francisco both for the merchant view and the consumer view of the Local Commerce Index. In every month, spending by San Francisco residents grew faster than spending at San Francisco establishments. Comparing the topline year-over-year YOY growth rates in spending across the consumer and merchant lenses reveals that, in every month, spending by San Francisco residents grew faster than spending at San Francisco establishments.
Insofar as spending by residents consumer view is increasing faster than spending at establishments merchant view , the gap in growth rates highlights the role of remote purchasing e. While the overall growth figures provide a high-level view of the vibrancy and overall health of the San Francisco economy, disaggregating this growth by customer and establishment characteristics provides crucial context and detail on which groups of people and businesses are contributing to overall growth.
Figures examine growth in San Francisco by characteristics presented in the merchant view of everyday spending found in the Local Commerce Index. Stacked bar chart showing growth contributions by age between and Individuals aged 25 to 34 and 35 to 44 consistently drove online spending growth, contributing on average 2.
The smallest contributions came from consumers over the age of 65, though their contributions have increased over time. Consumers under the age of 35 have never subtracted from spending growth in San Francisco. In San Francisco, younger consumers under the age of 35 tended to contribute more to growth compared to their older counterparts. Over the course of the series, consumers under 35 contributed an unweighted average of 1.
Throughout the lifespan of the series, consumers under the age of 35 have never subtracted from spending growth in San Francisco. This highlights the important role that younger consumers have in driving spending growth at local merchants. Analogous to Figure 6, this stacked bar chart shows growth contributions by income between and Similar to age, consumers on the lower end of the income spectrum tend to contribute most and most consistently to growth.
Consumers in the first two income quintiles contributed an unweighted average of 1. Consumers in the first income quintile have contributed the most to spending growth at San Francisco merchants 50 out of the 60 months observed. Similar to age, consumers on the lower end of the income spectrum tend to contribute the most and most consistently to growth.
In fact, consumers in the first two income quintiles combined have never subtracted from growth. Over the course of the series, consumers in the first two income quintiles contributed an unweighted average of 1.
In particular, consumers in the first income quintile have contributed the most to spending growth at San Francisco merchants 50 out of the 60 months we observe in our series, the most number of times of any income quintile. Stacked bar chart showing growth contributions for local versus non-local spending. In San Francisco, contributions to spending growth mostly come from transactions in which the consumer was from a different region than the merchants.
Spending by those consumers contributed an unweighted average of 1. The location of the consumer relative to the merchant gives a sense of the extent to which the growth or decline in spending remains in the community. In San Francisco, we observe that contributions to spending growth mostly come from transactions in which the consumer was from a different region than the merchant.
Over the course of the series, spending by those consumers from a different region than the merchant contributed an unweighted average of 1. Stacked bar chart showing spending on categories of goods, including durables, fuel, nondurables, other services, and restaurants. In San Francisco, spending at providers of other services which may include medical providers, accountants, and professional services tended to contribute most to spending growth: an unweighted average of 1.
Spending at restaurants and non-durables closely followed other services in growth contribution. In San Francisco, spending at providers of other services e. Over the course of the series, spending at other services providers contributed an unweighted average of 1.
Following other services providers, substantial contributions to growth were made by spending at restaurants and non-durables e. Stacked bar chart showing growth contributions by merchant size. Spending growth contributions by small businesses play an important role in overall growth in San Francisco. Although medium-sized businesses also contributed to growth, small businesses had the largest unweighted overall average growth contribution at 0.
Looking at firm size, the spending growth contributions by small businesses play an important role in overall growth in San Francisco. Although medium-sized businesses contributed the most to growth the most number of times over the course of our series, it was small businesses that had the largest unweighted overall average growth contribution of 0. Spending at small businesses contributed an unweighted average of 0.
Spending at small businesses has been a nearly consistent contributor to overall growth, subtracting from overall growth only eight months in total. Small businesses are a pillar of urban economies, making substantial contributions to economic growth and dynamism. Our research leveraged deposit data from , small businesses that bank with Chase and suggested that small businesses in San Francisco are generally thriving.
Consistent revenue streams are critical for small businesses, fueling their ability to not only survive, but potentially grow. We found that the small business sector in San Francisco had the highest level of revenue growth compared to 24 other major U. Bar chart showing annualized revenue growth rate for small businesses across all 25 cities. Economic Development Economic growth to ensure a sustainable future for all San Franciscans.
Our resources include: Research and data from high-level analysis and demographics to key industry reports Real estate development including site planning, expansions, and occupancy rates Access to incentives and resources on the city, county, state and federal levels Navigating regulations and public policy issues.
Browse the Resources. Quick Facts The San Francisco Center for Economic Development publishes QuickFacts — an electronic bulletin detailing the latest economic developments in San Francisco and the Bay Area and updates on key industry sectors and economic indicators.
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View branch page. California Department of Finance : First stop for citywide demographic statistics and financial and economic data check for reports at the county level since San Francisco is both a city and county. American Community Surveys by the Census Bureau have recent estimates from sample data. They also offer more detailed statistics than other sources.
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