The Cities
& Counties of
Alameda
Antioch
Albany
Berkeley
Brentwood
Concord
Town of Danville
Dublin
Emeryville
El Cerrito
Fremont
Hayward
Livermore
Martinez
Newark
Oakland
Oakley
Piedmont
Pinole
Pittsburg
Pleasant Hill
Pleasanton
Richmond
San Leandro
San Ramon
Alameda County
Contra Costa County
This forecast was prepared by:
Stephanie Brown
Economic Development Analyst
(510) 272-6843
East
Bay EDA
1221 Oak St., Ste. 555
Oakland. CA 94612
Serving the East Bay
- the Bright Side of the
San Francisco Bay
For more information on
the East Bay, click on www.eastbayeda.org
For archived newsletters
and forecasts click here
For more reports and studies on the East Bay, click
here
 |
MAY 2009 EDITION
The East Bay Monthly Analysis is prepared by the East Bay
Economic Development Alliance staff to augment the East Bay Quarterly Forecast
authored by economists at the UCLA
Anderson Forecast.
East Bay EDA welcomes your comments and
suggestions. Please contact Stephanie Brown,
stephanie@eastbayeda.org or call
(510) 272-6843.
To download this report as a PDF
click
here.
THE EAST BAY IN APRIL 2009
> Median home values increased over previous month, continued to
post year-over-year
declines
>Unemployment fell to 10.1 percent, and job losses slowed compared to previous months
> Residential, commercial and industrial construction permit values continued to post
declines
According to the California Unemployment Development Department (CA EDD), the
unemployment rate in the East Bay was 10.1 percent in April 2009, down from a revised
10.3 percent in March 2009, and above the year-ago estimate of 5.1 percent. This
compares with an unadjusted unemployment rate of 10.9 percent for California and 8.6
percent for the nation during the same period. The unemployment rate was 10.3 percent in
Alameda County, and 9.7 percent in Contra Costa County.
MONTHLY COMPARISON
According to the California Employment
Development Department’s monthly Labor
Market release - between April 2008 and
April 2009, the total number of jobs located
in the East Bay decreased by 43,100 jobs or
4.2 percent.
• Construction decreased by 8,800 jobs, largely in specialty trade contractors (down
7,200jobs).
• Trade, transportation, and utilities declined by 8,700 jobs, mostly in retail trade
(down5,900 jobs).
• Professional and business services lost 8,300 jobs, mainly in employment services(down
4,300 jobs).
• Other major industries with losses of at least 4,000 jobs each included manufacturing
and financial activities.
According to MDA DataQuick, the median price paid for all new and resale Bay Area houses
and condos combined was $304,000 in April. That was up 4.8 percent from $290,000 in
March but down 41.3 percent from $518,000 a year ago. The median stood 54.3 percent
below the peak median of $665,000 reached in June and July of 2007.
In the East Bay, Alameda County’s median value was $289,197 – up 3.3 percent over March,
but down 39.0 percent since April 2008. The Contra Costa County median home sale value
in April 2009 was $225,500 – up 2.3 percent over March, but 43.0 since April 2008. Due
to foreclosure-related short sales, in April Contra Costa County continued to post both
the highest sales volume and the steepest annual decline in median sale prices
throughout the Bay Area.
|
Region
|
Total Value of Construction Permits
3/08 – 2/09
|
Annual Change in Total Value of
Construction Permits
3/07-2/08 vs. 3/08-2/09
|
Annual
Percent Change
|
|
East Bay
|
$2,339,544,388
|
-$1,038,718,483
|
-30.7%
|
|
Napa
|
$342,043,454
|
-$60,568,107
|
-15.0%
|
|
San Francisco
|
$2,663,041,173
|
-$1,866,667,091
|
-41.2%
|
|
San Jose
|
$2,548,282,086
|
-$650,474,765
|
-20.3%
|
|
Vallejo-Fairfield
|
$637,300,752
|
-$334,039,175
|
-34.4%
|
In a comparison of these two twelve-month periods, the East Bay showed a decrease in
construction permit values, falling 30.7 percent (over $1 billion) from the previous
period. All other Bay Area regions posted losses during this period as well.
Various air carrier closures and reductions in the number of flights have caused
ridership numbers at OAK and SJC to trend downward since the fall of 2007. Ridership
was up at SFO between April 2008 and April 2009. April numbers for OAK and SJO were not
available.
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