SF Economic Barometer Report

September 17, 2014

The Controller’s Office has issued an Economic Barometer with data through April-June of 2014. The website can be accessed at http://sfbarometer.weebly.com

Highlights

“The city’s economy remains quite robust, as the average unemployment rate during the second quarter of 2014 was 4.5%, the lowest since the first quarter of 2008. There were 22,500 unemployed San Francisco residents in June, the lowest for any June since 2007.

Across the 3-county San Francisco metropolitan division, the Construction industry was the fastest growing, with 8.5% employment growth from June 2013 to June 2014. Other rapidly-growing industries include Professional and Business Services, Information, and Leisure and Hospitality.

The city’s commercial real estate market remains very strong. Average commercial Class A asking rents rose to $62 per square foot in the second quarter, according to Jones Lang LaSalle. This represents a 24% increase above the pre-recession peak established in 2008.

The residential real estate market also remains among the hottest in the nation. Average asking rents rose to $3,229 in the second quarter of 2014, up 5.6% from the first quarter of 2014, and 9.4% over the past year.”

Below are 4 charts excerpted from the full report:

Total County Employment since 1990 – a dramatic illustration of the effect of the late 90’s tech boom and our current tech boom on employment in San Francisco. The city now has the highest number of employed in its history.

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