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It really is amazing how far San Francisco has come in my lifetime. When I was a kid SF was definitely a second of third tear city economically. Chicago, LA, Boston, Dallas and Houston were all seen as more significant economically.
In a very short time the Bay Area has turned into a world driving economic center piece, a hub. The Bay Area economy alone is greater than all but a few US states. The area continues to be a hub of innovation. There are more billionaires living in the Bay Area than anywhere except Hong Kong and NYNY.
I am certain this raise was driven by the large number of outstanding universities in the state both public and private. The public university system in the state is the best in the world. system in the state
I’d also suggest that the area benefits from the diversity, it’s gotta be as or more diverse than any place in the US. I believe this helps spur innovation, it certainly isn’t holding the region back in any way.
So some states hope to improve their economy by cutting environmental restrictions, a well run state invests in education and their people.