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San Francisco continues to shine as one of California’s economic powerhouses, growing its nonfarm employment base by 4.3% from May 2014 to May 2015. The area trails only the San Jose MSA (5.9%) in terms of jobs added over this time. Steady gains in payrolls in San Francisco have helped drive the region’s unemployment rate down to 3.6%, a decline of 0.7 percentage points. The area's labor force also grew considerably during this period, expanding by 3.2% and outpacing growth in the state labor force as a whole (1.4%).
Overall, employment growth in San Francisco was led by the Professional, Scientific, and Technical Services sector, which increased payrolls by 13.2%, to just under 174,000 positions. With over 20,000 jobs added in the past year the sector was responsible for over 47% of the total nonfarm jobs added in the region. This follows significant flows of venture capital money that have come into the area over the past year. San Francisco received over $45.6 million dollars in venture capital investment from the second quarter of 2014 to the second quarter of 2015, a 44.7% increase over the same period one year earlier.
Other sectors that have contributed to San Francisco’s surge in job creation over the past year are Information (6.6%), Other Services (6.6%), and Leisure and Hospitality (4.2%). Like the Professional, Scientific, and Technical Services sector, the Information sector includes high-tech industries, such as data processing and software publishing. These industries have seen considerable gains in recent years as many companies try to cash in on...