Bros! Welcome to your daily dose of economics!! Now before we get you right back to posts about Ana Cheri’s buttcrack and Waffle House knock outs. Don’t get it twisted, one is no more important that the other. Can’t have ying without yang.
Bloomberg recently published a graphic ranking the 20 richest cities in America in 2014, based from the 100 biggest metropolitan areas in the U.S.
The metric used in the study was, yep you guessed it, Gross Metropolitan Product, or the sum of all goods and services produced in a metropolitan city. Basically, an indicator for whether your city is actually doing shit or just sitting on its ass fingering its belly button (ain’t that right Salt Lake City? What? Nothing.) The total GMP is a significant portion of our all-encompassing Gross Domestic Product, the main indicator of the health of the economy and helps set interest rates and shit.
The below graphic signifies a major shift in the productivity per capital from the east to west coast. According to a Bloomberg analysis of U.S. Bureau of Economic Analysis, cities like San Jose, San Francisco, Seattle now house a significant number of world’s largest tech companies–namely the San Jose, California metro, the Silicon Valley epicenter, which has the highest output in the country at $105,482. This figure is more than double the national average.
Bridgeport, Connecticut took the #2 spot–albeit $11,000 per capita less than San Jose, while San Francisco, Seattle and Boston followed.
According to Bloomberg, this shift in GMP from the East Coast to the West–namely the New York surrounding area of Bridgeport, Connecticut–is because of the surge in tech centers since the recession. Until 2011, the Connecticut suburb for New York bankers claimed the #1 post.
So there it is, bros. That whole saying “If you can make it in New York, you can make it anywhere” is a goddamn lie because the tech conglomerates on the West coast are killing it right now.
Live look at San Jose right now…
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