Fremont Ranks High for Economic Growth
Fremont ranked fourth nationally for economic development. The city's efforts to attract business investment have led to strong job growth and a prominent position in national rankings.
Fremont's economic success is rooted in its strategic location in Silicon Valley East, making it a hub for technology, healthcare, and advanced manufacturing. The city is known as the "hardware side of the Bay," boasting over 900 advanced manufacturing companies. This concentration accounts for one in every four jobs in Fremont. Fremont's Economic Development team actively fosters business growth through workshops and assistance in locating and expanding businesses. The city also has an Economic Development Advisory Committee that promotes economic development and supports local businesses. These efforts contribute to Fremont's reputation as business-friendly, offering tax incentives and other resources. From 2023 to 2024, employment in Fremont grew by 0.18%, with the most common job sectors being Professional, Scientific, & Technical Services; Manufacturing; and Health Care & Social Assistance. The unemployment rate in Fremont is 4.1%, lower than the long-term average of 4.26%. Future job growth in Fremont is projected to increase by 34.40%. Major employers in Fremont include Tesla, Meta, Seagate, and Western Digital. The Warm Springs Innovation District is expected to have over 40,000 technology jobs by 2035. Several large-scale development projects are underway, including the Milmont Industrial project and the Brookfield Properties' redevelopment of the Wells Fargo site.
