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This forecast was prepared by:
Stephanie Brown
Economic Development Analyst
(510) 272-6843
East
Bay EDA
1221 Oak St., Ste. 555
Oakland. CA 94612
Serving the East Bay
- the Bright Side of the
San Francisco Bay
For more information on
the East Bay, click on www.eastbayeda.org
For archived newsletters
and forecasts click here
For more reports and studies on the East Bay, click
here
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SEPTEMBER 2007 EDITION
The East Bay Monthly Analysis is prepared by the East Bay
Economic Development Alliance staff to augment the East Bay Quarterly Forecast
authored by economists at the UCLA
Anderson Forecast.
The East Bay EDA encourages you to forward the current report
to anyone interested and welcomes your comments and suggestions.
For a more printable version of this newsletter,
click
here
THE EAST BAY IN AUGUST 2007
* East Bay construction employment decreased, losing 5,900 jobs over the last 12 months, and 600 since July.
* The East Bay’s manufacturing sector showed year-over-year gains, adding 600 jobs since August 2006.
* East Bay home sales continued to show year-over-year losses, as double-digit percentage decreases were seen in all Bay Area counties.
* The number of East Bay single-family home permits decreased, while multi-family permits continued to show year-over-year increases.
The unemployment rate in the East Bay metro area remained stable at 5.0 percent in July and August 2007, but above the year-ago estimate of 4.5 percent. This compares with an unadjusted unemployment rate of 5.4 percent for California and 4.6 percent for the nation during the same period. The unemployment rate was 5.0 percent in Alameda County and 4.9 percent in Contra Costa County.
Similar to the unemployment rate in the East Bay, rates in the Bay Area's other metro areas were also unchanged from July to August 2007, holding steady at 4.3 percent in San Francisco and 5.0 percent in San Jose. These estimates show increases from August 2006, when the unemployment estimate was 4.1 percent in San Francisco and 4.5 percent in San Jose.
According to the California Employment Development Department, between July 2007 and August 2007, total wage and salary employment dropped 1,100 jobs to reach 1,056,200.
*Government lost 1,700
jobs, partly due to local public schools
(down 700 jobs) closing for summer break.
*Construction employment
fell by 1,000, which contradicts the prior
17-year average increase of 1,000 jobs
between July and August.
*On the upside, professional and business services gained 1,500 jobs. Employment services accounted for one-third of the job gains (up 500 jobs).
*Leisure and hospitality added 900 jobs, a larger-than-typical seasonal increase, primarily in food services and drinking places (up 600 jobs).
Bay Area homes sold at the slowest pace in 15 years in August, according to DataQuick Information Systems. Although there were local variations in median sale prices around the region, such as an annual increase of 12.90 percent in Marin County and an annual decrease of 9.70 percent in Solano County, overall, Bay Area home prices were flat in August.
In August 2007, the dollar value of residential permits issued in the East Bay fell $3 million from July 2007, while the San Francisco and San Jose saw increases of over $23 million and $53 million, respectively.
The value of non-residential construction permits issued in the East Bay in August 2007 increased $4.5 over July. With the exception of Vallejo-Fairfield, all Bay Area regions saw month-over-month increases in non-residential construction permit values.
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