BOMA San Francisco Members:
The purpose of the Economic Barometer is to provide the public, elected officials, and City staff with a current snapshot of San Francisco economic indicators. The Economic Barometer reviews general economy-wide employment indicators, as well as major sectors of the City's economy, including real estate and tourism.
Issuance of the Economic Barometer will be on quarterly basis. Indicators will be updated at sfbarometer.weebly.com, which will include data visualizations of the economic indicators along with a PDF of the quarterly summary. Data on the website will be updated throughout the quarter as it becomes available.
Highlights:
- San Francisco's unemployment reached a new low of 3.4% in April, the city's lowest April unemployment rate since 2000.
- Technology industry employment is accelerating in San Francisco and San Mateo counties. Jobs in the Computer Systems Design and Related Services industry, the largest technology industry in the San Francisco, grew 18% in twelve months through March 2015. While tech growth had slackened somewhat during 2013, the second half of 2014 saw its employment growth return to levels seen in the early stages of the area's economic recovery.
- Class A office rents have followed the same trend. According to JLL, asking rents grew 15% over the past 12 months, after growing only 6% from March 2013 to March 2014. Class A vacancy has dropped from 11.3% to 9.9% by March of this year.
- Across all industries, private non-farm employment grew 5.1% annually through March, somewhat slower than the rates seen in 2012. However, five years into a period of economic expansion, current rates of employment growth remain very high by historical standards.
- On the other hand, while housing prices are still rising rapidly, growth has slowed. According to Zillow, the city's median housing value rose by 11%. In 2013, prices were growing at a 20% annual clip.
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