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SF Economy Growing But Restrained

Winter 2018

The San Francisco (MD) economy grew steadily through the third quarter of 2017, as the unemployment rate dropped by 0.6 percentage points to 3.0%, one of the lowest among the major metro areas in California. With such a tight labor market, total nonfarm employment increased by a relatively mild 1.2% during this time, reaching 1.1 million jobs.

As was the case in many parts of the state, the Construction sector led the way in jobs growth. Between October 2016 and October 2017, Construction saw a 7.7% increase in employment, adding roughly 3,000 positions. Other Services, an industry category that includes personal services such as hair styling, auto repair, and even nonprofit sector activity, followed suit, growing by 5.1%. Job growth in such industries is a signal of...


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