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San Francisco continues to be one of California’s economic powerhouses, and a leader in the state’s economic expansion. San Francisco’s nonfarm employment base grew by 4.7% to 48,000 from September 2014 to September 2015, matching the San Jose MSA (4.7%) in terms of job growth over this period. San Francisco and San Jose are tied as the fastest growing metropolitan areas in the state over the past year. Perhaps more importantly, San Francisco was responsible for 10.8% of all new jobs added in the state while only accounting for 6.6% of its nonfarm positions.
Steady gains in payrolls in San Francisco over the past year has also helped drive the region’s unemployment rate down to 3.1%, a decline of 1.0 percentage points. At the same time, the local labor force grew considerably, expanding by 3.1% and outpacing growth in the state’s overall labor force (0.8%). In other words, not only is the unemployment rate falling, but it is falling for the right reasons, with household employment growing by 4.1% over the past year.
Overall, employment growth in San Francisco was led by the Professional, Scientific, and Technical Services sector, which increased payrolls by 15.1%, to just over 183,000 positions. With over 24,000 jobs added in the past year the sector was responsible for over half of the total nonfarm jobs added in the region. This follows significant flows of venture capital money that have come into the area. San Francisco received over...