WeWork is today releasing new data and research that shows the WeWork economy supports an estimated 680K jobs and $122.3 billion in total GDP worldwide, and helps businesses of all sizes—from entrepreneurs to over one third of the Global Fortune 500—thrive, creating an economic ripple effect around the world.
The data also shows that, in San Francisco, the WeWork economy supports job growth, and has a positive impact on people, businesses, and city neighborhoods.
These and other San Francisco-specific findings were released today in the organization’s first-ever Global Impact Report created in partnership with industry-leading researchers at HR&A Advisors.
Key San Francisco Findings from the 2019 Global Impact Report Include:
WEWORK’S IMPACT ON THE SAN FRANCISCO ECONOMY AND NEIGHBORHOODS
- JOB GROWTH: In San Francisco, the WeWork economy has an economic multiplier of 2.3 meaning for every WeWork member, another 1.3 jobs is supported across the city. In total, the WeWork economy supports approximately 39000 jobs in San Francisco (16500 WeWork members + 22100 multiplier jobs).
- GDP: In San Francisco, the WeWork economy directly contributed $6.13B of GDP and in total supports $10.02B ($6.13B direct and $3.89B indirect) of the city’s GDP.
- NEIGHBORHOODS: 70% of WeWork members in San Francisco did not work in the neighborhood prior to joining WeWork, bringing more activity and spending at local restaurants and shops to neighborhoods ranging from West SoMa, the Tenderloin, Mid-market and more. Further, WeWork members represent more than 83% of San Francisco’s zip codes.
- SUSTAINABLE TRANSIT: In San Francisco, 84% of WeWork members use sustainable forms of public transit (walk, bike, public transit). This compares to an average 27% regionally. 64% of WeWork members who used to drive by themselves to work have switched to using more sustainable forms of transit since joining WeWork.
WEWORK’S IMPACT ON SAN FRANCISCO BUSINESSES
- GROWTH: In San Francisco, 50% of WeWork members say WeWork has helped their company accelerate its growth. Further, The average job growth rate across small and medium-sized WeWork member companies in San Francisco is 12% compared to 3% for all companies in San Francisco.
- ENTREPRENEURS: Of WeWork members that are entrepreneurs in San Francisco, 11% are first-time entrepreneurs. 1 in 5 of the city’s first-time entrepreneurs are WeWork members.
- SURVIVABILITY: New businesses are more likely to survive if they are WeWork members. In San Francisco, new businesses have a 10% higher survivability rate after 3 years compared to their peers.
- FEMALE-LED: In San Francisco, 43% of all senior roles (executives, senior managers, managers, and sole proprietors) at WeWork member companies are held by women, compared to 21% of those roles held by women in North America.
You can read more about the Global Impact Report on our blog, and read the full report PDF, see infographics, watch videos, and hear from our members on the report homepage.
Quote from Elton Kwok, Northern California General Manager
“We see everyday that people want more from the places they work. They are seeking community, purpose, and the opportunity to be part of something greater than themselves. At WeWork, we seek to uplift all people, our members and our communities, in part by driving global economic growth and ensuring our members can effectively optimize and grow their businesses.
Our Global Impact Report findings in San Francisco show that our impact is as global as it is local — we’re making a positive impact in the City by creating vitality in neighborhoods, helping small business survive, and taking cars off the road through more sustainable modes of transit to our spaces. A great example of this is our presence in the Tenderloin; since adding our first location to Mid-Market in 2013, we’ve brought hundreds of members that range from large enterprises to small nonprofits to the area, breathing vitality and activity to the surrounding community and businesses.”