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August 2010 Economic Barometer highlights:
- The August unemployment rate in San Francisco was 9.7%, essentially unchanged from a year ago.
- Overall employment in the 3-County Metro Division has declined in each of the past three months on a seasonally adjusted basis, with the August job total for the Metro Division the lowest since April 1995.
- Housing price recovery in San Francisco has also been inconsistent, showing signs of improvement for a few months, only to see average prices retreat, as they did in August, with a reported average price virtually unchanged from year-end 2009.
- In contrast to for-sale housing, apartment market conditions have improved steadily in 2010, with average rental rates increasing 16% since the start of the year; however, average rents are still 12% below their peak in September, 2008.
- Domestic and international airport traffic at SFO continues to strengthen with both indicators showing healthy year-over-year increases in August.
- Recovery in the hotel sector has been uneven, but both hotel occupancy and average daily rates were sharply up in August, on a seasonally-adjusted basis. Revenue per available room night was $153 per night, the second highest monthly RevPAR since 2008.
- Retail traffic indicators -- parking garage use and Saturday BART visitors to Powell Street - showed signs of slight improvement compared to earlier this year, but are still ator near their low points of the recession.
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Please click here for the full report.
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