More than 150 attendees turned out on September 25 for East Bay EDA’s 2024 Economic Outlook and Annual Membership Meeting at the Lafayette Veterans Memorial Center. The audience was welcomed by Alameda County Supervisor Keith Carson, District 5, and East Bay EDA Chair, and Contra Costa Supervisor Candace Andersen, District 2, and East Bay EDA Second Vice Chair. Both of them updated the audience on new initiatives, including the East Bay Data Dashboard, an interactive tool providing business and community leaders with easy and quick access to key data points and statistics our regional economy and labor market that can be disaggregated at both the city and county level, including details about priority industry sectors, labor market demand, and demographic information. To explore this in depth and get the latest numbers on the East Bay economy, visit the data dashboard on our website.
The meeting featured two high-caliber speakers, including Kate Gordon, CEO, CA FWD, who set the stage by giving an overview of the California landscape, highlighting challenges and opportunities being faced during a time of geopolitical, economic and climate transitions. Following Ms. Gordon, Alexander Quinn, Senior Director, Northern California Research, JLL, provided an informative presentation about East Bay real estate and the state of the East Bay economy. Below are some of the top-level findings that Mr. Quinn shared with the audience:
- The Bay Area’s share of venture capital investment will increase as artificial intelligence (AI) continues to roll with expansion in early-stage funding.
- Office vacancy continues to increase across the region as companies right-size their footprints under evolving hybrid work environments. At the same time, physical occupancy within existing, leased office buildings continues to increase as more people return to the office for work.
- AI / semiconductor companies continue to increase their total space footprint.
- The region’s labor force continues to grow, driven by international migration.
- The upcoming election will inform the path forward for Bay Area advanced manufacturing.
East Bay EDA would like to thank presenting sponsor, Bank of America, for their support of this event, and also thank Southwest Airlines for being our gift sponsor for this convening. We encourage you to visit the photo gallery to see pictures from this event, which was recorded and will air on Contra Costa Television (CCTV) multiple times in October 2024.
East Bay EDA appreciates the partnership and support from all our members, partners, and other community stakeholders. If you would like to learn more about the benefits of East Bay EDA membership, please complete an application and a member of our team will get back to you.
