Issue: Local Economy

What We Heard
Economic development is a city- and/or county-wide activity that is carried out through partnerships with local governments, economic development organizations and local businesses. Economic development includes job creation, retention and training programs; a series of public and private capital investments; and a process of capacity building that allows the community to influence its economic future.

San Mateo County:

• San Mateo County enjoys a very low unemployment rate and a diverse economy that ranges from large businesses to small "mom and pop" stores
• The County's economy is on the rebound from the dot-com bust in 2000 / 2001
• Emerging industries, locally and regionally, require specialized training. Creating qualified, well-trained workforce is essential to San Mateo County's economy.
• As the County's economy continues to grow, local governments will be challenged with adequate and affordable housing as well as an aging transportation system
• Businesses in San Mateo County employ a workforce who commute from outside the County due to the lack of affordable housing
• Smart economic growth in San Mateo County will need to focus on creating housing near jobs, transit centers and core urban areas

Redwood City and Downtown:

• Redwood City's economy started with commercial shipping
• The city's median age is 34.7, compared to the median age of 39.2 for San Mateo County
• The city's median income is $68,000 compared to $74,000 for SM County
• Thirty-seven percent of Redwood City residents earn less than $45,000 per year; nine percent earn less than $15,000 per year
• Nearly 50 percent of Redwood City residents are employed in the information technology sector
• Biotechnology, pharmaceutical and digital arts are emerging businesses in the Redwood City economy
• The revitalization of downtown is critical to Redwood City's long-term economic stability
• New development areas, including North Main Street and Peninsula Park, as well as any new future use at the Saltworks site, should connect to and compliment Redwood City's downtown
• Residents want to improve connectivity to Redwood City's downtown from outlying areas within the city
• Creating additional housing opportunities in Redwood City is critical to the city's long-term economic vitality

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