Source: Sunnyvale Sun
Since 2009, Sunnyvale has experienced one of the largest economic recoveries in the nation, according to a new report by personal finance site NerdWallet.
To mark the five-year anniversary of the end of the Great Recession, NerdWallet analyzed 510 of the country's largest cities to see which improved the most.
The study looked at factors such as change in unemployment rates, median household income and median home values. It showed that Sunnyvale's economy recovered faster than 96 percent of the nation.
"We wanted to take a look at where there have been significant changes and specific improvements," said Sreekar Jasthi, the analyst who conducted the study. "In regards to Sunnyvale, the change in unemployment and average income saw huge changes. Unemployment decreased by over 21 percent over three years, and the income rose 15 percent. Those are really noticeable changes that helped Sunnyvale's ranking."
To assess improvement in a city's labor market, analysts measured the percentage change in unemployment in the civilian labor force from 2009 to 2012. They also calculated the change in median household income and the change in median home value, all using the data from the 2012 U.S. Census Bureau.
"Sunnyvale prides itself on being a well-run city that moves at the speed of business," Sunnyvale Mayor Jim Griffith said. "Our staff works closely with both our current and new employers to make sure their needs are met, so they can be successful in Sunnyvale. Their success is our success. Employers clearly appreciate this, and the result is jobs for our residents and revenue for city services. Our economic recovery is a testament to this philosophy."
Sunnyvale ranked 19th overall and No. 1 in California. Pleasanton was the next-highest California city, ranked at 37th.
"Since 2009, we have seen significant growth in information technology industry," Jasthi said. "I think being in the heart of Silicon Valley has helped Sunnyvale a lot. A lot of those large tech companies like Yahoo and even smaller ones like Juniper Networks have been driving the growth in that region and Sunnyvale has, I think, benefited from the growth of these companies, and it continues to reinforce the notion that Sunnyvale is a great place for this growth."
Sunnyvale communications officer Jennifer Garnett attributes the recovery to several things the city does, including its 20-year financial planning model and its General and Specific plans.
The city continuously works to attract big-name companies with the facilities they demand, Garnett added, naming the Moffett Park Specific Plan as a prime example of the city anticipating the need for additional Class A office space.
"The city continues to adapt to changes in the market by planning for new development areas such as Peery Park, which will refresh and update existing older buildings, making them more attractive to today's companies," Garnett said.
Garnett also gave credit to the city's One-Stop Permit Center, which integrates permitting services into one location for customers, the economic development manager, and NOVA, a federally funded employment and training agency in Sunnyvale.
To view the complete list, visit nerdwallet.com/blog/cities/economics/recession-recovery-cities-improved.