San Jose, Not SF, Ranked Richest City In America
SAN JOSE (CBS SF) -- San Jose is the richest and most productive hub in the U.S., according to a new report.
Bloomberg placed San Francisco in the third place behind the Silicon Valley epicenter after analyzing U.S. Bureau of Economic Analysis data for 100 largest metropolitan areas.
The analysis measured gross metropolitan product (GMP) per resident with San Jose coming in at $105,482 -- more than double the national average.
Bridgeport, Connecticut ranked second at $93,349, followed by San Francisco at $80,643. Seattle and Boston trailed behind in fourth and fifth place.
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Texas A&M research economist Luis Torres told Bloomberg "these emerging tech hubs will probably expand even more in coming years," meanwhile "sky-high rents in northern California force workers and businesses to look elsewhere."
Nicole Jones is a digital producer for CBS San Francisco.