Economy

To a large extent San Francisco is a commercial and maritime city. Much of its economic vitality stems from shipping and the business it creates in such fields as finance, insurance, wholesaling, and processing.

Several of the nation's largest commercial banks, including the Bank of America and the Wells Fargo Bank, are here, as well as a Federal Reserve bank, a major stock exchange, and numerous foreign banks. San Francisco is the headquarters of many large corporations, including insurance, utility, transportation, and engineering companies.

In wholesale trade, San Francisco is among the leaders on the West Coast. Goods from all parts of the nation are shipped here for regional distribution and for export. Much of the foreign trade is with the Far East.

Manufacturing, though important, is relatively less significant in San Francisco than in most major American cities. Because land values are high, light manufacturing industries—which require less space than heavy industries—prevail. Among them are food processing; printing and publishing; and the making of clothing, small metal articles, and machinery.

The Bay Area as a whole has widespread and diversified industries In addition to those of the city, they include petroleum refining; automobile and truck assembly; and the making of steel, heavy machinery, chemicals, space and electronic equipment, paper, and stone, clay, and glass products.

A cosmopolitan city with outstanding hotels and restaurants, entertainment, and cultural attractions, San Francisco draws many tourists and conventioneers. Tourism and the convention industry are two of the city's chief sources of revenue. For conventions San Francisco has several major facilities, including the Moscone Convention Center, the Civic Auditorium, and, in nearby Daly City, the Cow Palace.

Besides being a major center for ocean shipping, the San Francisco area, including Oakland, is a leading air and land transportation center. San Francisco International Airport, south of the city, ranks among the nation's busiest. The city is also served by Oakland International Airport, several railways, and numerous bus and truck lines. The rapid transit system, BART (Bay Area Rapid Transit), completed in 1972, is a 75-mile (121-km) system of high-speed subways and surface and elevated lines linking San Francisco and the major outlying cities.