September - October 2009
Create a Job, Save on Wages: Stimulus Money Available to SF Employers
San Francisco profit- and non-profit employers are eligible for Federal stimulus dollars to cover 100 percent of wages of new employees hired under the JOBS NOW! Program, as administered by the San Francisco Human Services Agency. Employers will be reimbursed for 100 percent of the wage costs for each employee hired; employers are required to document and cover the cost of payroll taxes, fringe benefits and supervision of JOBS NOW! employees. The wage subsidy is available from the date of hire until September 30, 2010. Interested employers should call 1-877-562-1669 or visit sfhsa.org.
SF Unemployment Tops 10 Percent; Marin Lowest in State
The most recent numbers reported by the California Employment Development Department peg San Francisco's unemployment rate for August 2009 at 10.1%, significantly higher than the August 2008 rate of 5.8%, and up from 9.9% in July 2009. The national unemployment numbers increased slightly in August to 9.7% and the California state unemployment rate also increased to 12.1%.
The City and County of San Francisco's unemployment rate is the 9th lowest in the state, after Marin (8.3%), Santa Barbara (8.5%), Napa (9.1%), San Mateo (9.4%), San Luis Obispo (9.4%), Mariposa (9.5%), Orange (9.6%) and Inyo (9.9%).
Other Bay Area unemployment rates: Sonoma 10.2%, Contra Costa 11.2%, Alameda 11.7%, Solano 11.6% and Santa Clara 12%.
Some additional California unemployment rates to note: Los Angeles (12.6%), Sacramento (12.3%) and San Diego (10.4%).
Source: Caedd.org
San Francisco Housing Inventory at Two-Year Low
The inventory of unsold homes in San Francisco was at its lowest level in more than two years in August, according to the San Francisco Association of Realtors and the Rosen Consulting Group. There was a 2.6-month supply of homes in August, down from the peak of 5.8 months' supply last November.
'A low months' supply number, such as we have now, is a sign of a tight housing market and usually signals rising prices lie ahead," said Ilse Cordoni, the association's president.
The decrease in supply was driven by low mortgage rates, federal incentives and improved affordability, which have all brought buyers into the San Francisco market.
Source: http://www.housingwire.com/2009/09/16/san-francisco-housing-inventory-at-two-year-low-realtors-say/
Bay Area Residential Sales and Prices Fall
Bay Area home sales bucked the seasonal norm and fell last month from July, although they remained higher than a year ago for the 12th consecutive month. The region's overall median sales price also declined as a greater number of transactions occurred in more affordable areas.
Across the Bay Area, home sales above $500,000 represented 34% of all sales in August, down from 44.7% in August 2008. Sales of homes above $800,000 fell to 12.2% of sales in August, compared to 18.9% a year earlier.
"Part of the mid-summer pause in the market could have been caused by home shoppers becoming frustrated by market conditions they didn't anticipate. In many areas there were fewer homes, especially cheap foreclosures, to choose from, and lots of talk about multiple offers and all-cash deals. It might have driven some back to the sidelines," said John Walsh, president of MDA DataQuick.
The median price paid for all new and resale Bay Area houses and condos last month fell to $360,000, down 8.9 percent from $395,000 in July 2009 and down 19.5 percent from $447,000 in August 2008. Additional details are provided in the chart below.
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Sales Volume | Median Price | ||||
| All homes | Aug-08 | Aug-09 | %Chng | Aug-08 | Aug-09 | %Chng |
| Alameda | 1,271 | 1,538 | 21.01% | $440,000 | $340,000 | -22.73% |
| Contra Costa | 1,733 | 1,587 | -8.42% | $330,000 | $261,500 | -20.76% |
| Marin | 247 | 235 | -4.86% | $675,000 | $713,000 | 5.63% |
| Napa | 124 | 120 | -3.23% | $453,500 | $350,000 | -22.82% |
| Santa Clara | 1,648 | 1,736 | 5.34% | $555,500 | $451,000 | -18.81% |
| San Francisco | 529 | 514 | -2.84% | $725,000 | $635,000 | -12.41% |
| San Mateo | 560 | 606 | 8.21% | $632,000 | $559,000 | -11.55% |
| Solano | 598 | 677 | 13.21% | $270,000 | $200,500 | -25.74% |
| Sonoma | 522 | 505 | -3.26% | $350,000 | $315,000 | -10.00% |
| Bay Area | 7,232 | 7,518 | 3.95% | $447,000 | $360,000 | -19.46% |
Source: MDA DataQuick
Residential Building Permits Fall
In other economic indicators, year-over-year data show a sharp drop in the issuance of San Francisco residential building permits. In July 2009, 71 permits were issued for work in 21 buildings, compared to 1810 permits in 76 buildings a year ago.
SFO Domestic Traffic Up Slightly
Year-to-year comparisons through July 2009 indicate that the number of domestic travelers increased 3.4%, while total airport passengers increased 1.5%. The number of international travelers decreased 4.6%. Month-to-month comparisons for June and July 2009 are encouraging: domestic travelers increased 6.33%, while total airport passengers increased 6.8%. The number of international travelers also increased by 8.6% during the two-month summer period.
Source: flysfo.com
West Coast Green Comes to Fort Mason
The City's leadership in green technology will be showcased in October, as West Coast Green, the largest conference on green innovation for the built environment, holds its annual conference and exhibition at Fort Mason Center (Thursday October 1 to Saturday October 3). This year's focus is on "the intersection of the built environment and technology." San Francisco Chamber of Commerce and SFCED membership allows you a 20% Discount off a full conference pass and to bring one friend to the after party at the Academy of Sciences. To register click http://www.webregpro.com/events/wcg/09/partners/sfcc/
Crystal Cruises to Again Call in San Francisco
One of the world's most celebrated cruise lines, Crystal Cruises, will make San Francisco home port for their Alaska, Panama Canal and New York sailings beginning in 2011. According to the Port of San Francisco, there are currently 60 cruise ship calls and 200,000 related guests annually. The Port Commission hopes to complete a modern cruise ship terminal at Pier 27 by 2013.
Forbes Names SF One of the "Happiest Cities"
Smile! Perception may not be reality, but according to Forbes.com and a recent Anholt-GfK Roper survey of 10,000 respondents in 20 countries, San Francisco is the world's seventh "Happiest City," and the only US City to make the top 10. Anholt acknowledges that the data are less an indicator of where local populations are actually happiest than a reflection of where respondents think they could be happy. We'll take the compliment!
1. Rio de Janeiro
2. Sydney
3. Barcelona
4. Amsterdam
5. Melbourne
6. Madrid
7. San Francisco
8. Rome
9. Paris
10. Buenos Aires
Source: Forbes.com
For more information please contact
Dennis
Conaghan
Executive Director
415.352.8819
Email: dconaghan@sfced.org
www.sfced.org