Bay Area economy shows signs of life
Bay Area economy shows signs of life
The stabilizing financial health of business clients, increasing demand for credit, rising home sales, and improving stock market in the last two months show signs the current economy is at the bottom or near from it according to bankers. These positive signs are happening even though it is difficult to feel it right away, they will come at the end of this year according to Steve Buster, CEO of Mechanics Bank in Richmond. Banks which needed to withdraw from lending started seeking an opportunity to win new businesses. One of the best examples is Bank of Marin- where portfolio went up 20 percent over last year, reaching amount of $922 million. Increasing numbers of young companies that look for people to add to its workforce including Lithium Technologies in Emeryville and Responsys in San Bruno are small signs of improving the present economic situation. There are still remaining some sectors like homebuilding, construction, hospitality, and small retailers for which it is difficult to emerge out of the recession.
SF Business Times- 5/15/2009