Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.9% in the second quarter of 2006, according to preliminary estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 5.6%.
(Click here for more on GDP and Corporate Profits).
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in July, before seasonal adjustment, according to the Bureau of Labor Statistics of the U.S. Department of Labor. The July level of 203.5 (1982-84=100) was 4.1% higher than in July 2005.
(Click here for more on CPI).
The unemployment rate in the Oakland-Fremont-Hayward Metropolitan District (East Bay) remained stable at 4.7% in June and July 2006, and below the year-ago estimate of 5.4%. This compares with an unadjusted unemployment rate of 5.1% for California and 5.0% for the nation during the same period.
(Click here for more on Bay Area Workforce, Employed Residents & Payroll).
Between July 2005 and July 2006:
Construction gained 7,500 jobs, the largest July-to-July growth since 1990, mostly in specialty trade contractors (up 4,100 jobs).
Professional and business services reported the 31st consecutive month of year-over growth by adding 5,400 jobs. Employment services (up 3,700 jobs) accounted for the bulk of the expansion.
Retail trade (up 3,100 jobs) dominated the gain in trade, transportation, and utilities, which was up 3,600 jobs overall.
Information cut back 900 jobs, primarily in telecommunications (down 700 jobs).
(Click here for more on East Bay Payroll Employment by Sector).
HOUSINGHome sales in the Bay Area slowed to their lowest level in ten years, according to DataQuick Information Systems.
A total of 7,941 new and resale houses and condos were sold in the nine-county region last month. That was down 19.1% from 9,892 for June, and down 30.8% from 11,470 for July last year, according to DataQuick Information Systems.
(Click here for more on Housing).
Oakland, Hayward and San Leandro, which contain the largest share of East Bay manufacturing space, recorded vacancy rates of 2.9%, 8.0% and 3.2%, respectively. The San Leandro and Richmond industrial sub-markets both showed improvement compared to the first quarter of 2006. Hayward’s vacancy rate of 8.0% was the highest in the East Bay region.
(Click here for more on Space).
All of the Bay Area regions experienced a decrease in the total value of all the construction permits issued over the last month – June 2006 compared to July 2006. The San Jose region experienced the greatest percentage decrease (39.9%), a dollar amount of $135,598,455. In July the East Bay saw a decrease in permit valuations as well, with a 27.8% drop in value from those approved in June 2006.
(Click here for more on Construction Permits).
The PKF Consulting report on hotel trends for June 2006 shows a 2.1% increase in room rates throughout Northern California. The East Bay’s average daily room rate showed a 4.6% year-to-year increase, and is now ranked 7th in Northern California. San Francisco saw the largest year-to-year increase in Northern California, with average daily room rates increasing by 9.3% between June of 2005 and June of 2006.
(Click here for more on Hotel Occupancy).
Over 60% of the Bay Area’s industrial market is located in the East Bay, which contains approximately 92.2 million square feet of manufacturing space. In the second quarter of 2006, the East Bay’s manufacturing vacancy rate was 5.6%, from 6.3% in the first quarter of 2006.
