Unemployment Rates Dropping in The Bay
With summer officially coming to a close (even though we still have some of the best weather of the year ahead of us) – unemployment rates are down from last month in every Bay county! – California Economic Development Department
The 9 Bay Area counties were the only ones in the state of California to show unemployment rates of less than 5 percent – indicating that our market has reached “full employment”.
Marin County still has the lowest % unemployed workers – 4.2%, 2nd is San Mateo at 4.3%, 3rd SF at 4.6%, and Napa at 4.8%. The others range from 5.4% in Sonoma to 6.8% in Solano.
The EDD briefing states that California has gained back the 1.3 Million jobs lost during the Recession in June, 2014. July was the 53rd month in a row of continuous statewide job growth.
Of course, The Bay Area provides for many of these jobs and is largely responsible for helping our job economy normalize – often exceeding expectations. The tech sphere continues to further shape San Francisco’s job market – and for good reason.
Besides “nonfarm” jobs – between ’10 and 2014 – the EDD stats show this to be the largest 4 year job increase compared to all other California regions – showing an unbelievable growth rate of 8.9%!
Even with all that San Francisco has to offer in terms of tech jobs, the EDD estimates that in the next 10 years, the largest growth will actually occur in the hospitality and tourism sphere – which makes sense considering San Francisco is becoming one of the most desirable cities in the United States. The more opportunities we can provide – the stronger our local real estate market will be. An estimated 186,000 positions in hospitality and tourism will open. Info/tech sphere will generate an estimated 160,000 new positions; Retail expected to provide 137,000 new jobs by 2020.
Needless to say, all the new construction currently underway in San Francisco is truly needed. Yet – we know how challenging traffic and congestion can be in San Francisco already. We can certainly expect infrastructure changes from the city to accommodate all the people who will be moving here. Luckily, the tech sphere employs a larger degree of employees who can work remotely.