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The San Francisco Metropolitan District (MD) continues to lead the state in job growth, and with an annual 4% increase in employment as of March 2016, is expanding its workforce at one and a half times the pace of California as a whole (2.65%). The San Francisco MD added 41,900 new nonfarm positions to its jobs base from March 2015 to March 2016, representing 10% of all jobs gains in the state but also a 3.8% decline from job gains the year prior, according to the California Employment Development Department.
The region’s labor market is showing signs of saturation, however, with an unemployment rate of 3.2%, a 0.5 percentage point decrease since March 2015. San Francisco’s strong growth in recent years is starting to display signs of winding down.
The Professional and Business Services sector continues to account for the largest share of new nonfarm jobs in the San Francisco MD. The sector added 17,100 jobs from March 2015 to March 2016, making up 41.6% of total job creation in the region during that time. Underlying this sector’s strong growth is the Computer Systems Design and Related Services subsector, which added 8,000 new job openings...