Monday, December 27, 2010

Controller's Office Report: October 2010 Economic Barometer

Click on the image to enlarge.

BOMA San Francisco Members:

The following includes a discussion of the October 2010 Economic Barometer highlights:  
  • The October unemployment rate in San Francisco was 9.3%, unchanged from the prior month, and down from 9.6% a year ago.
  • After declining for three months, overall employment in the 3-County Metro Division has increased modestly in each of the past two months, on a seasonally adjusted basis.
  • Housing prices  in San Francisco have been inconsistent. Average prices fluctuate month-to-month, but remain  virtually unchanged from the year-end 2009 average of $650,000.
  • In contrast to for-sale housing, apartment market conditions have improved steadily in 2010. Average asking rents have increased 11%  compared to a year ago. However, rental rates are still about 10% below their peak in September, 2008.
  • Domestic and international airport traffic at SFO continues to strengthen with both indicators showing healthy monthly and annual increases in October.
  • The hotel average daily rate declined in October, while  occupancy levels  posted  a modest increase. In October, Revenue per available room night was 3.0% lower than it was in October 2009. RevPAR had been showing annual growth for most of 2010.
  • Retail traffic indicators-City parking garage use and Saturday BART visitors to Powell Street-are still at or near their low points of the recession.
Please click here for the full report.  Thank you to Ted Egan, San Francisco's Chief Economist for producing this report.

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