Still, it was not a surprise that few tech companies broke through the pack of financial, fashion and media firms that are longstanding industries in the city, said Peter Schwartz, a consultant at Anderson Economic Group.
He noted that tracking the city’s biggest publicly-traded companies does not necessarily capture larger trends in the economy. Additionally, many national and international companies have a significant presence in the city, but are headquartered elsewhere.
“I wouldn’t think tech growth would show up because California has such a large presence and foothold in the tech industry,” Schwartz said.