Bay Area employment remains strong

Green Escrow Services | Work force

Thanks to a surge in Santa Clara County – 4,800 jobs – mostly tech-related – added in July alone, the Bay Area remains close to full employment. The East Bay, South Bay, and San Francisco metro areas all have unemployment rates below 3 percent.

Over the past 12 months, the tech industry has added 2,900 jobs in the East Bay, followed by health care with 1,500. Meanwhile, the construction industry added 3,400 new jobs and retail added another 1,500. Hotels and restaurants lost 1,000 jobs inthe East Bay over the last year.

Of course, the strong job market only increases the demand for housing.

Bay Area Economy Ranks 18th in the World

Real Estate Growth

According to the Center for Continuing Study of the California Economy based in Palo Alto the Bay Area has the 18th strongest economy in the world ranking ahead of the Netherlands and just behind Turkey. Moreover, the Bay Area’s gross domestic product, at 5.2 percent grew at the fastest rate in the nation, over three times faster than the national rate of 1.5 percent and double the state rate of 2.9 percent.

California has reached full employment with the Bay Area just below 3 percent.

Analysts agree that future employment and economic growth are tied to the availability of skilled workers – and housing affordability is a key factor in maintaining those worksers.