Local Economy

In the last decade, Oakland has ranked among the top cities for busines in Forbes and other publications. As part of the ninth largest regional economy in the United States with a Gross Regional Product exceeding $200 billion, Oakland has a strong and diverse business environment. This economic diversity allows Oakland to remain stable during economic downturns.

The Gross Metropolitan Product (GMP) for Oakland, estimated at $107.8 billion for 2004, ranks in the top 20 metropolitan economies in the United States and among the top 60 in the world. Oakland’s GMP ranks higher than the GMP for San Jose, St. Louis, Sacramento, Pittsburgh and Cleveland as well as the Gross National Product of Hungary, Columbia, Singapore and the Philippines. Oakland’s GMP also eclipses the Gross State Product of Nevada, Oklahoma and Kansas.¹

Real GMP is expected to expand at an annual rate of 6.1 percent.²

Major firms continue to move to Oakland to enjoy the city's affordability, central geographic location, accessibility, climate, and cultural amenities. Oakland's corporate community includes Clorox, Kaiser Permanente, Cost Plus, Dreyer's Grand Ice Cream, APL Limited, Rainin Instruments, and many others.

Based on U.S. Census data, Oakland is ranked third in the nation in the percentage of women-owned businesses.

In April 2001, Newsweek named Oakland as one of America's top 10 technology cities. Downtown Oakland is home to a vast telecommunications network with hundreds of miles of underground fiber-optic cable. Oakland’s infrastructure is a major attraction in the global information industry.

According to the Landauer Realty Group, out of the sixty largest office markets in the United States, Oakland is expected to have the strongest market for the next several years.

Oakland's leading industry sectors include business services, health care services, transportation, food processing, light manufacturing, government, arts, culture, and entertainment.

In comparison, the retail sales total in Oakland for 2000 was 9 percent greater than in Anaheim, 76 percent greater than in neighboring Emeryville, 36 percent greater than the combined total for Palm Desert and Palm Springs, and 38 percent greater than Walnut Creek.

¹The Role of Metro Areas in the U.S. Economy, The United States Conference of Mayors, 2006.
²Ibid.