Let’s explore the economic landscape in San Francisco.
- Job Growth and Unemployment Rate:
- The San Francisco Metro Division experienced decent job growth from October to December, adding 7,700 jobs over those two months. Hiring was primarily seasonal, with significant gains in Retail Trade (to support holiday shopping) and the Health Care sector.
- The city’s unemployment rate remains healthy at 3.5%, below both state and federal levels.
- Economic Indicators:
- MUNI metro and downtown BART ridership have decreased from summer highs.
- Indicators of auto use, such as bridge crossings and freeway speed, also suggest less traffic.
- City hotel revenues have stabilized at approximately 70-75% of 2019 levels, despite nearly full recovery of ridership through San Francisco International Airport.
- While local housing prices haven’t shown signs of recovery, housing building permits spiked up in late 2023, averaging 283 units permitted over the three months ending November1.
- Overall Economic Strength:
- San Francisco boasts a GDP of $501 billion, making it the sixth largest economy in the U.S. and a crucial hub in the global economy.
- The median household income in San Francisco is $96,265, and there are 99,307 small, non-employer establishments.
- The unemployment rate is more than a percentage point lower than the national average, and average hourly wages are $10 more than the national average2.
- Tech and Biotech Industries:
- San Francisco’s expanding tech and biotech sectors contribute significantly to its economic vitality.
- The city’s high-tech gross domestic product growth further boosts its overall performance3.
In summary, San Francisco offers a dynamic environment with diverse economic opportunities, particularly in technology, healthcare, and entrepreneurship. Whether you’re a job seeker, entrepreneur, or investor, the city’s vibrant ecosystem continues to thrive. 🌉💼🌟
Click here to explore homes in San Francisco.
