BOMA San Francisco Members:
Highlights from the October 2011 Economic Barometer Report:
- San Francisco's labor market picture continued to gradually brighten in the fall of 2011, with unemployment falling to 8.1%. This compares with 9.3% the previous October, and represents the lowest unemployment rate in the city since February 2009.
- Private-sector job creation is finally beginning to drive down unemployment. 16,200 jobs were created in the 3-county San Francisco metropolitan division since October 2010. 15,200 of those jobs were in the private sector, with particular growth in the professional services, and leisure and hospitality industries.
- Tourism appears to be close to a full recovery from the recession. Hotel rates, as noted in the chart below, are at an all-time high in October, while employment in restaurants and bars is 2,000 greater than it was 3 years ago.
- The recovery in employment has led to increases in commercial rents and occupancy, though not yet to pre-recession levels. Average housing sales prices remain weak, at 2.6% below the level of October 2010.
Please click here for the full report.
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