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Summer 2018

The San Francisco (MD) economy is booming and the region continues to enjoy strong economic growth. Job gains over the past year have helped push the area’s unemployment rate down to one of the lowest in California. And the median home price continues to reach for the sky, increasing significantly as supply fails to keep pace with demand. Notably, building permits for multi-family housing are down compared to last year.

SF Building Industries Booming

San Francisco’s labor market growth has continued as total nonfarm employment increased by 1.7% between April 2017 and April 2018. This brings the total current number of workers in the region to 1.13 million. The job additions have helped push the local unemployment rate to 2.2%, the lowest in the Bay Area. In the East Bay, unemployment now stands at 2.9% and the in the South Bay, 2.6%. However, tight labor market conditions in San Francisco have also meant a slower rate of job growth compared to the East Bay (+2.3%) and the South Bay (3.6%).

Of the 19,100 jobs added in San Francisco between April 2017 and April 2018, the majority were...


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