A new biennial report by the Bay Area Council Economic Institute declares that the San Francisco Bay Area is now the 19th largest economy in the world, and our innovation-driven, $535 billion economy is one to be envied. A whopping 40% of all venture capital in the country is invested here, and 15% of the country's patents come from here. ALSO, "More than half of the 100 top clean tech companies call the Bay Area home. [AND] Seven of the 10 biggest social media companies in the world are headquartered in the Bay Area."

Granted, the Bay Area Council is a cheerleading org for local business whose primary goal is to advocate for public policy changes and "improve the competitiveness and vitality of the Bay Area region." They note also in their report, which covers the local economy's performance "in the wake of the Great Recession," that our schools continue to underperform, and budget cuts to education aren't helping. And they admit the region's unemployment rate continues to be a problem — though our workforce has become more efficient (i.e. we all work a lot more, and there are fewer jobs), which has boosted profits.

Below, ABC 7's coverage: