- 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.
Thursday, October 14, 2010
San Francisco Controller's Monthly Economic Barometer - August 2010
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August 2010 Economic Barometer highlights:
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Please click here for the full report.